IFA group Paradigm founding partner Anthony Morrow has joined forces with Duncan Cameron, co-founder of Moneysupermarket, to launch a new online advice business called eVestor in 2016.
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The online advice business, which is aimed to target the next generation of savers, will provide young savers investment solutions tailored to their needs via traditional products including pensions and ISAs.
The service will charge customers 0.44%, of which 0.35% will go to portfolio management and 0.09% as a fund charge.
The eVestor service comprises seven passive model portfolios, with investments either held in tracker funds or exchange traded funds.
Morrow said: "Our proposition will offer a cost effective solution to savers of all ages who do not mind not receiving face to face advice.
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By GlobalData"With eVestor, we are creating a proposition that will not overcharge clients. Instead, it will engage with them to provide a service which suits their needs.
"We want to empower consumers to become increasingly comfortable when it comes to understanding and managing their investments, so education will also feature heavily in our ongoing service."
Cameron said: "While I have come across many attractive business opportunities over the last decade, nothing has grabbed my interest and attention quite like eVestor. The proposition we are putting in place has the potential to revolutionise investment advice for the benefit of consumers in the UK."
