Nutmeg launches financial advice pilot

Nutmeg says it will offer “tailored financial advice” with a free initial consultation followed by a £350 charge for tailored recommendations and financial advice.

In a statement, Nutmeg says it will tell clients "how and where to invest your money for any Nutmeg products and we’ll help you to implement our recommendation".

It did not clarify whether advice would be limited to its own products, or which products would be included within the advice service.

Lisa Caplan, head of financial advice at Nutmeg, was critical of the current advice market, stating that "the scarcity of financial advisers, prohibitive costs and an industry happy to neglect swathes of the population, means many people are faced with making big financial decisions on their own".

She added: “Too few people know what sort of financial advice is available, how it could help them or where to find it. We want to change that and make financial advice accessible to more people.

"We’re assessing the same financial circumstances that a traditional financial adviser would, but by using technology we’re giving people the freedom to do it at a time that suits them, at a fraction of the cost they’d face from an IFA."