A direct-to-consumer (D2C) website is planning to develop a new web-based advice service which will charge clients £60 an hour.
The new service, known as Money Guidance, has been developed under a new community interest company structure, and FinaMetrica has agreed to be part of the new site, according to Money Marketing.
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Money Guidance first launched in July 2012, offering access to FinaMetrica and Voyant’s risk profiling and financial planning tools for free. The company was forced to remove the FinaMetrica tools a month later after FinaMetrica said it was unaware of the launch plans, Money Marketing reported.
However, the Money Guidance website will be made up of three services and will provide financial guidance with risk profiling from FinaMetrica and cash flow modelling from MoneyVista, a service owned by Royal London that allows consumers to view their finances.
The second service will be a white-labelled D2C platform powered by Investment Funds Direct Limited, also owned by Royal London and which includes the Ascentric platform and adviser platforms including Succession, Towergate and Openwork.
Additionally, the D2C platform will be a premium service with an annual cost of £50 and will provide access to IFDL as well as research, industry updates and news.
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By GlobalDataThe third service will be an online advice model with an approximate fee of £60 an hour and will offer fully regulated advice, and will take on the liability for advice. As part of the move, consumers will complete a questionnaire before receiving remote advice from a chartered financial planner.
Money Guidance, which was launched in July 2012, has offered consumers free access to financial planning tools Voyant and FinaMetrica.
Philip Dodd managing director Money Guidance said: "Traditional investment initiatives have come to be regarded with suspicion, and so a financial services business involving publicly-earmarked profits and assets should go a long way towards restoring trust. Our website provides investors with essential financial guidance combined with low-cost execution services."
