IFA firm Dennehy Weller & Co is offering a non-advised platform powered by Fidelity FundsNetwork which allows investors to choose and buy funds based on their appetite for risk.
Around 200 investors have accessed FundExpert.co.uk since it was soft-launched this month.
Dennehy Weller managing director Brian Dennehy says he approached FundsNetwork about the concept 18 months ago.
FundExpert takes investors through a step-by-step process to select funds and is aimed at investors who know the fund they want to buy and those who want guidance. Investors who choose guidance are asked about their investment objectives and attitude to risk. They are provided with a risk description and asked if it describes them accurately before being shown a list of funds.
The site also provides a rating for the funds listed, details of charges, a breakdown of the fund and performance data. A statement appears next to the list of funds, making it clear the service is providing guidance only and gives a link for those who want “personalised advice”.
FundExpert offers free guides on how to build a portfolio. Investors also get automatic sixmonthly reviews which alert them to any drop in performance ratings and suggests alternative funds.
Dennehy says: “We have taken our offline research and put it online in a way which no one else has done to date. Advisers will hopefully see this and realise they can take what they do forward with people such as FundsNetwork who are prepared to innovate.”
FundsNetwork head of sales Paul Richards says: “There is a big opportunity in the nonadvised market but there is more to non-advised business than just transactions. Empowering people to make decisions for themselves is a good thing and if we can be part of that through the supply of our technology, then it is great for us too.”