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VouchedFor offers guidance service ahead of robo-advice launch

Company aims to expand reach to mass market with free cashflow and ‘financial plan’

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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.”

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Comments

There are 10 comments at the moment, we would love to hear your opinion too.

  1. “VouchedFor has emailed its advisers today alerting them of the new service, called Hatch.”

    Its news to me -no email received from VouchedFor……

    • Hi Nick, we’ve looked into this and the reason is that you have unsubscribed from our emails. We will be sending you a personal email shortly with more information. All the best, Alex

  2. So how does this benefit the IFA?

    • Hi Justin, the principal 3 benefits for IFAs are listed below.

      1. Increasing the volume and quality of IFA enquiries. Hatch will appeal to a broader audience (including people who don’t currently engage with IFAs). Where Hatch coaches encounter complex clients, they will guide and nurture them to become a highly-qualified booked-appointment with a VouchedFor IFA.

      2. Providing a solution for simpler clients, who advisers are increasingly unavailable to serve (just search on VouchedFor for a sub-£100k IFA in London to see the shortage of supply). By having a solution for everyone – and not just the well off – we’re able to dial up our marketing campaigns and work with more strategic partners.

      3. Free member benefit. We’d like to make Hatch available to VouchedFor IFAs, as a free member benefit. This will give them a way to cost-effectively help and nurture lower-wealth prospects, if not augment planning for more complex clients.

      Thanks.

      • Try searching for a <100k ifs in London ….. it's the digital age, you're talking robo and geography in the same sentence! What planet are u on?

        • Hi Philip, Earth thanks. That line is purely to illustrate that many IFAs cannot currently serve consumers with less than £100k. New approaches are required to help these people.

      • I have been doing this job since I was 27 (I am 52) and am yet to meet a client who was not complicated. Underwriters & management want clients who don’t exist.

        • Hi Philip, we’ve met 100s so far. Many have traditionally not engaged with IFAs (which might explain why you haven’t encountered any) but still have a very real need for help, perhaps just guidance at first then full advice when the time is right.

  3. Sounds like direct competition to IFAs to me.

    • Hi James, at the point at which Hatch users need an IFA, they will be passed as a highly qualified appointment to a VouchedFor IFA. I’d be happy to discuss the process further and Would welcome your feedback on a call. Thanks

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