Italian robo-advisor MoneyFarm has launched in the UK, enabling Brits to download an app and manage their investments from their iPhones.
MoneyFarm is one of several robo-advisor outfits looking to disrupt the wealth management market by using technology to deliver advisory services at a fraction of the cost seen at traditional providers.
Launched in Italy in 2012, where it now claims around 60,000 registered users, the firm recently raised EUR16 million to fund the move into the UK, where the digital wealth management market is predicted to be worth up to £30 billion by 2019, according to management consulting firm Oliver Wyman.
MoneyFarm products will be completely fee and commission free for the first £10,000 invested and for savings over £1 million. The app uses algorithms and risk profiling to match users to one of six portfolios, with investments continuously reviewed in line with market fluctuations and client preferences.
Paolo Galvani, co-founder, MoneyFarm, says: "As reliance on mobile devices grows, UK investors want the ability to manage their investment portfolios “on the go”. It is vital that any challengers to the wealth management market respond to this need. Investors want convenience, independence, a high quality of service, good returns and competitive pricing - that is what we aspire to provide."
The company is on an aggressive hiring spree for a London office to support its UK operations, already bringing in Last.fm CTO David Jeffrey and Google exec Michele Battelli to take its total employee base to more than 40 across London and Milan.