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.”