Online trading and investment firm Saxo Bank has launched an execution-only platform for retail investors.
Modern Wealth Management has launched today and integrates Morningstar tools and data for funds and ETFs along with a new tool called Ideator, which allows clients to determine their general risk profile and select model portfolios.
The portfolios can include funds or ETFs which have been selected by Morningstar investment consultants. Clients can change the weightings of the portfolios or remove funds or ETFs before investing.
Clients can also manage their Sipp and Isa investments and have access to UK and overseas equity markets, gilts and corporate bonds, ETFs and over 2,400 managed funds.
The platform operates an unbundled pricing model with fund purchases costing nothing and equity and ETF trades costing £9.95 for orders up to £75,000.
Saxo Bank UK market head of modern wealth management Karsten Henriksen says: “The wealth management space in the UK is well developed and investors are sophisticated, and MWM meets their needs by providing simple, easy to use tools and offers transparent fees and guidance for those who are just beginning to take their wealth into their own hands.”