By Oliver Smith on Friday 15 January 2021
The dream of a fully-regulated robo financial advisor is here.
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.”