VouchedFor is testing a robo-advice offering as part of a new online financial planning and telephone guidance service that is set to launch.
VouchedFor has emailed its advisers today alerting them of the new service, called Hatch.
It says Hatch will give “mass-market consumers” a full financial plan and cashflow forecast for free. The financial planning tool will not include a personal recommendation.
Vouchedfor managing director Adam Price says: “Hatch doesn’t give a personal recommendation in terms of recommending a specific investment portfolio. We are looking to incorporate other robo-advice tools that could recommend products.”
He says: “The whole thing is in beta testing so it does all exist and there is a robo-advice tool there for investments but not for things like pensions or mortgages or protection. We have got people using it and trying it out but it is in testing so there are things we want to improve before we make it fully available to everybody.”
The telephone guidance service will cost consumers between £20 and £30 each month.
The advisr email says when complex clients use the service they will be encouraged to make an appointment with a VouchedFor adviser.
The Hatch service will be offered to VouchedFor as a “free member benefit”.
VouchedFor also has plans to offer the service to employers.
The email says: “We’re interested in approaching employers together – you helping the senior managers and other complex cases – and us providing a simple solution for the remainder. We’re very interested in your thoughts.”