The decision to launch was spurred by what the firm sees as a dearth of advice available to “anyone but the very wealthy” following the implementation of the retail distribution review.
Subsequently, the service aims to deliver advice to a broader UK customer base than “traditional providers’” costs allow in the post-RDR environment.
Nutmeg is currently seeking financial advisers in order to get the initiative off the ground, with scope for the development of a range of services over time.
Outlining the reasons behind the launch, Nutmeg CEO Nick Hungerford said: “Our customers often ask us for advice but to date we have been unable to help them as much as we would like to. This new stage in our development will enable us to help a wider range of people with a broader range of questions.
“We are looking to recruit resourceful and forward-thinking financial advisers to help us define and deliver this service to our rapidly growing customer-base.”
While the venture is still in its embryonic stages, Nutmeg said that it does not have any plans to adjust its existing fees structure, and though the service is online customers will be able to meet advisers upon request.
