With investments, Multiply is now an end-to-end AI financial adviser

By Oliver Smith on Friday 15 January 2021

Savings and Investment

The dream of a fully-regulated robo financial advisor is here.

With investments, Multiply is now an end-to-end AI financial adviser
Image source: Multiply.

This week Multiply, the financial planning service, added a suite of investments to its mobile app, all powered by wealthtech Seccl.

As a reminder, Multiply was the first consumer-facing app to get the FCA’s regulatory nod to dish out financial advice, the kind of which would previously have been dished out by a certified independent financial advisor (often at a high cost).

Multiply meanwhile charges an annual platform fee of 0.30 per cent of the value of the customer’s assets, plus £1/month for ongoing advice.

With the addition of 27 funds covering five risk-rated portfolios and accessible through an ISA or general investment account, Multiply can advise its customers and help them act on its recommendations—a market-first.

It also comes just after Multiply added a Lifetime ISA in partnership with Unity Mutual, paying a fixed interest rate of 1.5 per cent.

“We want to empower everyone to achieve their goals, regardless of their current wealth or financial situation. And allowing more people to act on low-cost investment advice is central to that mission,” said Multiply CEO Vivek Madlani.

“This isn’t about replacing human financial advisers; it’s about helping new and hard-to-reach areas of the market, with a seamless and affordable end-to-end advice journey.”

Madlani says Multiply’s app has offered some 11,000 recommendations on over £1bn of assets and debt since its FCA approval last year.

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