Nutmeg reveals planned new products ahead of embarking on advisory service
Nutmeg, has revealed ambitious plans to expand its product range following the news, reported in our August briefings, that it was planning to offer financial advice. Nutmeg will launch a drawdown product to alongside its existing personal pension accumulation product, plus ethical and social investing vehicles and joint accounts for married couples. The firm intends to service customers online and via telephone, however, face-to-face appointments will be available upon request. Nick Hungerford, the firm's CEO said it has not yet decided how to structure the advice and admits it has been struggling to find "good quality" advisors. Nutmeg is also considering entering the robo-advisory space, although it is not clear if or how this might be integrated into the current platform. It also wants to add to its IT and customer support departments as it looks to grow from 70 to 120 and open an office in London.

Nutmeg has revealed ambitious plans for its future product offerings following the firm’s decision to enter the advice market.

The direct-to-consumer online discretionary manager is planning to develop a drawdown offering to go alongside its existing personal pension accumulation product, as well as ethical and social investing vehicles and joint accounts for married couples.

The firm is also considering developing a robo-advice service, although there are no details yet on how this would be integrated into its current offering.

In August, Nutmeg announced it was planning to offer financial advice alongside its D2C service.

The firm plans to service clients online and via telephone, while face-to-face appointments will also be available if requested.

Hungerford says the advice operation is “an evolution” of what Nutmeg currently offers rather than the firm taking “a big step into the advice market”.

At the time of the advice service announcement Hungerford said: “Nutmeg has become a trusted steward of investments for thousands of customers, focusing on our key values of low costs, ease of use and maximum transparency.

“Our customers often ask us for advice but to date we have been unable to help them as much as we would like to.”

Hungerford says the company hasn’t yet decided how the advice service should be structured and admits he has been struggling to find “good quality” advisers.

Hungerford is planning to recruit advisers within the next month, but hasn’t confirmed how many staff the new operation will need.

The company is also looking to recruit more staff for its IT and customer support departments as part of its plan to grow its personnel from 70 to 120, and is set to open a new office in London.