UK robo-advisor Munnypot goes live

Munnypot, a new service offering clear, affordable online financial advice to all is live from today.

Munnypot’s founders aim to help close Britain’s financial advice gap, which affects 16 million people1, by making high quality advice available to everyone.

Munnypot is an online savings and investment service giving anyone straightforward automated financial advice in a language they can understand, at a fraction of the cost of most financial advisers. The service requires a minimum investment of £25 per month and/or a £250 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 state of the art technology and algorithms, learn about your financial situation and risk profile to help set the lifestyle goals you’re 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 clear advice on where to invest your money2, and monitors your investment 24/7 to help ensure your 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, in real time, when their goals are off-track and providing straight forward financial advice to help get them back on track.

Fees are clear, all-inclusive and affordable – not hidden behind layers of jargon or buried in lengthy T&C’s. Munnypot’s quick and easy 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 £250 and £2,500 would pay a £5 one off fee for initial advice and a £0.42p monthly monitoring fee.


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Source: UK robo-advisor Munnypot goes live – Finextra