Multiply, the financial planning app, has expanded its regulated financial advice capability with a new investment offering – allowing its customers to receive investment recommendations and act on them, all within the app.
In July 2019, Multiply became the first consumer-facing financial advice app to be approved by the Financial Conduct Authority. Since then, the team - which delivers regulated financial advice through its AI-powered chat bot - has advised on more than £1 billion of assets and debt, and made 11,000 individual recommendations.
From now on, when the app’s recommendations include investing through an ISA or GIA, Multiply will be able to facilitate these directly, via a custom-built universe of 27 funds, accessible through five risk-rated model portfolios.
The new investment proposition is underpinned by Seccl, the Octopus Group-owned custodian and investment technology provider - which supports both established financial advice and investment firms and new-to-market fintech offerings. Seccl will act as custodian and ISA manager, while its investment API will route orders for execution in the market.
Multiply will charge users a platform fee of 0.30% of the value of their assets per annum - as well as an initial £1 fee for their up-front recommendations, and a £1 monthly fee for their ongoing advice.
Vivek Madlani, CEO of Multiply, said:
“We want to empower everyone to achieve their goals, regardless of their current wealth or financial situation. And allowing more people to act on low-cost investment advice is central to that mission.
“This isn’t about replacing human financial advisers; it’s about helping new and hard-to-reach areas of the market, with a seamless and affordable end-to-end advice journey.”
Sam Handfield-Jones, co-head of Seccl, said:
“We’re delighted to support Multiply as it continues to show the power of technology-led fintech innovation. While first generation ‘robo-advisers’ focused squarely on investments, the advice industry has long known that the real consumer value lies in financial planning - and so it’s exciting to see Multiply leading the charge, by helping new clients into the market.”
Today’s development comes hot on the heels of Multiply’s recent launch of its Lifetime ISA (LISA) proposition in partnership with Unity Mutual. This exclusive deal offers first-time buyers (or those saving for retirement) a market-leading fixed interest rate of 1.5%, and comes with a bonus worth £62.50 to the customer.