UK advice consolidator, Bellpenny to launch hybrid robo-advice service

UK-based national advice consolidator, Bellpenny, plans to launch a hybrid robo-advice service, with telephone support in Q2 2016. Dominic Rose, the company’s marketing and acquisitions director, said it has a large number of clients who it thinks would like to self-select. The plans are reasonably advanced and the firm is currently testing fee structures for the low-cost solution. Initially, clients will be able to follow a simple online process including risk profiling to make new investments, it plans to add pension-wrapper services further down the line.  Bellpenny, which has acquired 32 businesses in the last three-and-a-half years, surpassed £3.5bn AUM in July 2015.

Dominic Rose did not reveal who will deliver the service but said it will consist of an online advice service backed by telephone-based advice. Initially, clients will be able to follow a simple online process including risk profiling to make new investments, Rose said. However, the firm will look at adding pension wrapper solutions to the service further down the line, he added. The service is earmarked for launch in the second quarter of the year. Bellpenny said it is currently testing fee structures but has committed to making this a "low-cost solution". Fill the void Bel...