Robo-advisor MoneyFarm is set to launch in the UK this week, allowing investors to manage their investments on their smartphone.
Its products will be fee and commission free for the first £10,000 invested and for savings over £1m.
For portfolios between £10,000 and £100,000 MoneyFarm will levy a 0.6 per cent fee and for those with between £100,000 and £1m the cost will be 0.4 per cent.
The six portfolios on offer, made up of exchange-traded funds, will be designed to meet a variety of investor risk appetites.
The European digital wealth management company was founded in 2011 and already has a foothold in Italy.
Group chairman and co-founder Paolo Galvani says that traditionally many investors in the UK have suffered “a raw deal from fund managers and banks” as a result of being hit with high costs and bad service.
He said: “MoneyFarm’s approach to investing will provide a service that has been sorely lacking in the UK wealth management market. Our innovative technology will be married with telephone access to advisors.”
“As reliance on mobile devices grows, UK investors want the ability to manage their investment portfolios ‘on the go’.
MoneyFarm’s investment ISA is also being offered to customers with no management costs.