Santorini Financial Planning to launch robo-advice service

Santorini Financial Planning is to launch a robo-advice service for those with as little as £1,000 to invest.

The Loughborough-based advice firm will launch Simple to Invest, which is powered by Parmenion, in the coming weeks.

The service offers a fully auto-mated advice process, with telephone support available from Santorini if required.

Investors will be charged a 0.25 per cent initial fee and a 0.5 per cent ongoing fee. Santorini says the total annual charge for the majority of investors will be just under 1 per cent.

The service will ask investors for their basic details and a series of risk-related questions before producing a free investment proposal.

Some investors, such as those with large debts, may be rejected at this stage. Those who are accepted and wish to proceed go on to enter their full details and complete the transaction.

Santorini managing director Matthew Walne says: “This is aimed at the younger, internet-savvy generation who don’t want to spend time and money sitting in front of an adviser.

“The process should take 30 to 45 minutes to complete. There will be a freephone number to the office if customers get stuck but we expect the majority of people to go straight through online without a problem.”

Rutland-based advice firm Echelon Wealthcare launched a robo-advice service, also powered by Parmenion and called Fiver a Day, last month.