Wealth manager Tilney Bestinvest has entered the robo-advice market with the launch of ready-made portfolios for investors.
The Financial Times reports the service is being offered to those with £100 or more to invest. It will suggest portfolios made up of 20 underlying funds which will be regularly rebalanced.
Fees for the service are up to 0.4 per cent depending on tax wrappers and amounts invested.
Annual management charges across the four portfolios range from 1.47 per cent for the Defensive portfolio and 1.59 per cent for the Aggressive Growth portfolio.
Investors can also use a telephone helpline or online chat as part of the service.
Hargreaves Lansdown launched its Portfolio + multi-manager service in June, and plans to expand its online investing tools if the service is successful.