Nutmeg, the UK online wealth manager, has announced plans to roll out personalised investment advice.

The new offering is a major change to a firm that has always branded itself as a ‘pure online digital wealth manager’. However, it follows a similar announcement earlier this year from rival Scalable Capital that it would be offering over-the-phone advice. Other fintechs are thought to be following suit.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Nutmeg was launched in 2011 as a pure fintech solution for investors who could manage their portfolios online. It grew to become the UK’s largest ‘robo-advisor’ with assets under management of £1bn one year ago and 50,000 clients by the end of 2017.

On Wednesday Nutmeg announced plans to trial the provision of personal advice in a pilot scheme with two advisors.

The one-on-one professional financial advice will offer fund recommendations and portfolio reviews. While initial consultations will be free, clients will be charged £350 if they choose to invest in the personalised recommendations.

Lisa Caplan, head of financial advice at Nutmeg, said “We’re assessing the same financial circumstances that a traditional financial adviser would, but by using technology we’re giving people the freedom to do it at a time that suits them, at a fraction of the cost they’d face from an IFA.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Earlier this month Nutmeg announced its losses for 2017 were £12.3m, an increase from the previous year. This was partly blamed on operating expenses which grew by 42% to £16.9m as headcount increased from 71 to 88.

The fintech has not yet recorded a profit despite turnover increasing by £2m to £4.5m in 2017.