Old Mutual launches white-labelled online advice service

Old Mutual Wealth is piloting an online simplified advice service which can be white-labelled by advisers.

The provider is working with five advice firms to trial the service ahead of a wider roll out next year.

The service will be restricted to Old Mutual Wealth’s funds and will run off the provider’s platform.

Old Mutual Wealth says the offering is designed to support advisers that want to offer a digital investment process to some of their clients.

Advisers using the technology continue to own the advice relationship, and set the advice fees themselves.

There is no fee payable from the advice firm to Old Mutual Wealth for use of the service.

Old Mutual Wealth customer director Carlton Hood says: “At Old Mutual Wealth we are committed to extending the footprint of financial advice. Helping advisers to reach new customers through digital channel is an obvious place for us to explore.

“We will continue to develop the proposition along with a small number of advisers with a view to making the service more widely available in 2016, subject to demand.”