Octopus Group is in the process of rolling out a “tech-enabled” wealth management business to address the UK’s growing advice gap.
The digital offering, Octopus Wealth, is in the early stages of development and will target younger clients that are new to receiving financial advice.
The group said it is exploring ways of delivering advice using its own in-house technology designed to be used alongside traditional face-to-face advice.
In particular, it is developing “fact-find technology” designed to make the client recruitment process as simple and intuitive as possible.
The service currently has two advisers and a small number of clients. It will offer restricted advice using a range of products and services from within the Octopus Group and beyond.
The group said it hopes the service will help address the advice gap by encouraging more people to engage with financial services and realise the positive difference of financial advice.
Simon Rogerson, chief executive and co-founder of Octopus Group, said: “We have been massive champions of financial advice for the nearly 20 years that we have been in business. We support thousands of advisers across the country every day, with smart investments that solve real problems for their clients. And we always will.
“It’s no secret, though, that there aren’t enough advisers in the UK. Too many people are going without the smart advice that could help transform their lives for the better, and we think that should change. That’s the rationale behind our new business, which will use technology to focus on people who perhaps haven’t considered the need for financial advice before, but who could really benefit.”
Octopus Wealth is the latest business launched by Octopus Group following the creation of its fintech innovation arm two years ago.
