Former Principality Building Society head of group financial services Neal Pritchard and IFA firm Network Direct are setting up a new portal which will allow clients to invest directly or through an IFA.
Moneymappers is set to launch this month and will allow clients to conduct simple non-advised business, with the option to speak to an IFA.
The website will allow clients to choose whether they get the regulated advice online in chat form, over the phone or face to face. The advice will be provided by Network Direct advisers.
Network Direct was launched in February 2010 by former Lifeboat director Brian George, ex-Lifeboat compliance director Ron Skinner and ex-Lifeboat and Thinc Assured Finance director Bill Wynn.
The firm currently has 76 advisers who have the option of being involved in Money-mappers when their services are requested. It aims to have around 120 advisers by the end of 2012.
Network Direct managing director Les Lee says: “To have an independent portal with the option of an adviser assisting the client as well is something that really makes this proposition stand out.”
The service is also available to be white-labelled by adviser firms.
Moneymappers director Neal Pritchard says: “After the RDR, it is obvious that a large chunk of the consumer community will not be able to afford advice and therefore they will need another solution.
“What we are doing is giving them the option of the level of advice they need and being able to choose when and when they do not need an adviser’s assistance.”
Pilot Financial Planning director Ian Thomas says: “No doubt, there will be a real increase in the potential customer base for execution-only platforms and having the underlying possibility of advice on offer makes this look like an attractive proposition.”