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Money on Toast to target clients with £250k plus

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Online advice provider and discretionary manager Money on Toast is to launch a new service targeted at high-net-worth clients.

Speaking at an FCA robo-advice forum in London today, Money on Toast founding and managing partner Charlie Nicholls revealed the service will be aimed at those with more than £250,000 to invest.

Nicholls said: “All the talk around robo-advice is centred around low value clients. We made the mistake initially of targeting young people, but young people do not have much money to invest.

“The key demographic for us is now ages 35 to 49, but that is not specific to the level of wealth they have.

“It is about people’s needs: robo-advice could be equally appropriate for a millionaire investing their £15,000 Isa allowance, as for someone with £1,000 to invest.”

Nicholls says the service will be marketed as a “digital private bank” for wealthy individuals.

It will run off similar software and algorithms as for Money on Toast’s existing service, but will combine online advice with virtual meetings with advisers and investment managers.

Nicholls says: “We will be offering the same high level of personal service as a private bank but it will be delivered using modern technology and will also cost far less.”

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Comments

There are 5 comments at the moment, we would love to hear your opinion too.

  1. Money on Toast ? more like “caviar on blini’s” as robo advice is not profitable (what they are really saying) for the general masses …….. oh what a surprise

    And the software is the same………….. but because you are special (got more money) you can have virtual meetings !!!

  2. We made the mistake initially of targeting young people, but young people do not have much money to invest.

    Not exactly got much experience in the field of financial advice if you didn’t realise this before embarking on the venture I think.

  3. Robo advice. I can see that being as popular as 3D television has become. All the “experts” were telling us that we needed a 3D set, after all.

  4. Hmm, I have £250,000 sat in my account. I know, I won’t meet anyone but I will invest with an Internet company called money on toast where a computer invests my money with no comeback.

    Sorry, money on toast, you won’t make that work.

    With a £250k investment the client may well have iht issues and so on – what do you do then?

  5. I’ve also gone online and they recommended me a balanced portfolio when saving for a house deposit. How they came to that conclusion so rapidly without knowing all my circumstances I will never know. They say ‘we recommend’ so have I just had financial advice?

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