Investment platform Nutmeg is to enter the financial advice market.
The firm is seeking to recruit advisers to build out the service, though it hasn’t yet confirmed how many staff the new operation will need.
Nutmeg chief executive Nick Hungerford says: “Nutmeg has become a trusted steward of investments for thousands of customers, focusing on our key values of low costs, ease of use and maximum transparency.
“Our customers often ask us for advice but to date we have been unable to help them as much as we would like to.
“This new stage in our development will enable us to help a wider range of people with a broader range of questions.”
It is expected that clients will mainly be serviced online and via telephone, although face-to-face appointments will also be available if requested.
Hungerford says: “As a business, Nutmeg is part of the solution to the advice gap created by traditional providers being unable to serve anyone but the very wealthy.
“We wholeheartedly support the goals of the Retail Distribution Review and the Financial Advice Market Review and see these Government and regulatory initiatives as a step towards delivering them.”