View more on these topics

Nutmeg unveils product plans ahead of advice launch

hungerford

Nutmeg has revealed ambitious plans for its future product offerings following the firm’s decision to enter the advice market.

The direct-to-consumer online discretionary manager is planning to develop a drawdown offering to go alongside its existing personal pension accumulation product, as well as ethical and social investing vehicles and joint accounts for married couples.

The firm is also considering developing a robo-advice service, although there are no details yet on how this would be integrated into its current offering.

In August, Nutmeg announced it was planning to offer financial advice alongside its D2C service.

The firm plans to service clients online and via telephone, while face-to-face appointments will also be available if requested.

Hungerford says the advice operation is “an evolution” of what Nutmeg currently offers rather than the firm taking “a big step into the advice market”.

At the time of the advice service announcement Hungerford said: “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.”

Hungerford says the company hasn’t yet decided how the advice service should be structured and admits he has been struggling to find “good quality” advisers.

Hungerford is planning to recruit advisers within the next month, but hasn’t confirmed how many staff the new operation will need.

The company is also looking to recruit more staff for its IT and customer support departments as part of its plan to grow its personnel from 70 to 120, and is set to open a new office in London.

Recommended

Payment-Fine-Currency-Money-700.jpg
4

Hundreds of members lose £13.7m in pension scam

The Pensions Regulator has intervened in a case where 242 members from 17 pension schemes are believed to have lost around £13.7m to a scam. In a final notice published today, TPR says three trustees – Alan Barratt, Susan Dalton and Julian Hanson, acting on the instructions of David Austin – misappropriated scheme funds. Dalriada […]

2014-Budget-George-Osborne-Walking-700.jpg

What would ‘Robin Hood’ tax mean for UK investors?

After being at the centre of debate for more than three years, the financial transaction tax has come back under the spotlight after shadow chancellor John McDonnell announced he would back it coming into force in the UK. The so-called Robin Hood tax would create a shift in investment behaviour as well as harm the competitive power […]

11

Industry demands Govt intervenes over Pension Wise funds row

Providers, advisers and politicians are calling on the Government to investigate how a Citizens Advice delivery centre was able to use Pension Wise-funded staff for non-pensions work. Earlier today, Money Marketing revealed how the Derbyshire Districts branch redeployed staff funded by a £35m a year levy on financial services firms and advisers. Citizens Advice says […]

9 October thumbnail

Johnson Fleming set to host webinar on auditing auto-enrolment schemes

With 23 auto-enrolment compliance notices issued by the Pensions Regulator, and an evolving legislative landscape meaning previously compliant schemes may now be in breach of regulation, now is the time to think about auditing your auto-enrolment scheme. Johnson Fleming is hosting a webinar on 9 October at 11:00 on how to audit your scheme to ensure compliance, avoid breaches and fines and overcome data issues.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment