Tony Byrne to launch robo-advice service

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Milton Keynes-based advice firm Wealth and Tax Management is planning to launch new virtual and robo-advice services from January.

Managing director Tony Byrne estimates the firm will offer face-to-face services to savers with more than £250,000, while online advice is expected to target customers with more than £100,000 and robo-advice services to target those with more than £10,000.

The firm will use white-labelled Parmenion tools for the robo-advice offering and Byrne says it will give his firm an immediate national reach.

While charges are yet to be finalised for the service, Byrne says he will steer the firm away from a race to slash costs.

He says: “Other companies are focusing on keeping the costs down and targeting so-called millennials. But I don’t see it like that. This could be something that all age groups can find useful. And we have got to go beyond focusing on low costs and towards offering something that is really good, automated and saves people time and effort.

“If you don’t have decent charges, you can’t get the expertise and get decent returns.”

In addition, the firm will offer a new fund from March focusing on investments in emerging technologies such as 3D printing, robotics and the internet-of-things.

Byrne says: “I can’t see how traditional FTSE investments like energy companies will continue to flourish in the face of the kind of market disruption we are seeing right now.”