Munnypot, a new service aiming to offer clear, affordable online financial advice, is now live.
Munnypot’s founders are looking to help close Britain’s “financial advice gap”, which they say affects 16 million people, by making advice available to everyone.
Munnypot is an online savings and investment service giving automated financial advice, at a fraction of the cost of most financial advisers. The service requires a minimum investment of GBP25 per month and/or a GBP250 single investment amount.
It provides an intuitive WhatsApp style chat-based user-interface that advises people on their savings and investment decisions. Conversational and jargon-free questions, coupled with technology and algorithms, learn about people’s financial situation and risk profile to help set the lifestyle goals they are investing towards.
For each goal, from saving for a house deposit or a dream holiday, the time-frame, target amount and risk profile of each savings pot can be individually tailored to meet the needs of that investment. Munnypot then offers advice on where to invest, and monitors investments 24/7 to help ensure goals are on track.
Unlike some other robo-advisors on the market, Munnypot doesn’t just track customer accounts. It works 24/7 to help ensure they achieve their goals – alerting people when their goals are off-track and providing straight forward financial advice to help get them back on track.
Munnypot’s fee calculator is designed to remove any confusion for investors by presenting costs upfront. For example, those looking to invest a total contribution of between GBP250 and GBP2,500 would pay a GBP5 one off fee for initial advice and a GBP0.42p monthly monitoring fee.
Simon Redgrove, co-founder of Munnypot, says: “Wealthy investors have been using first generation robo-advice services for years, but until now they’ve not been accessible to the majority of people, particularly those who have little or no savings. We’re aiming to change that with a more intuitive and more cost-effective service that anyone with GBP25 a month to invest can use. We are determined to help Britain fall in love with saving again.”
