Clients could soon be paying for cashflow planning in the same way they pay for Netflix or gym membership.
Hatch, the new cashflow planning tool developed by VouchedFor, will charge a monthly subscription fee of £24, or £39 for couples.
VouchedFor chief executive Adam Price (pictured) said the company wanted to keep costs 'below gym membership or Sky TV levels' to encourage people to take up the tool.
Clients will also be offered a free month's trial when they sign up to Hatch, which is currently in its beta testing stage. Users will be able to cancel their subscription whenever they want.
'There is no fixed time, so if a client feels they have reached a point where their finances are in order, they can cancel,' Price said.
Those who sign up will also receive 'financial coaching' alongside the cashflow planning tool.
Hatch will continue to refer clients to advisers on the VouchedFor directory if they meet certain triggers. For example, reaching £100,000 in investable assets, becoming divorced, or reaching 55, would lead to a VouchedFor recommendation of advisers in the client's geographical area. Advisers will be charged the same as they are currently for referrals.
Cashflow planning meets regulated robo adviser
The cashflow tool also links to Vouchedfor's own Financial Conduct Authority (FCA) regulated robo advice service, powered by Parmenion. It can collect data from other sites such as Zoopla and Moneysupermarket to assist parts of the financial plan.
After inviting the customer to select a goal (i.e. saving for kids or a house), the tool uses data on income, spending, monthly rent or mortgage payments, and assets to establish a financial forecast.
It is also able to offer instant suggestions to improve the outlook, whether it be lowering spending, creating investments, getting the best deal on savings accounts or pushing for a pay rise.
Price said the reaction from advisers to the service has so far 'been very encouraging'.
He added: 'Wherever we encounter a client with a more complex situation, we will refer them to a VouchedFor IFA. By encouraging people to engage with financial planning, we will grow demand for advice.'
However, advisers New Model Adviser® spoke to were sceptical about the service.
Julie Flynn, director at Bree Wealth, said: 'I've demo'd Hatch. As far as I could see it has no relevance to me, beyond maybe introducing the basics of planning in preparation for if/when someone needs an adviser in the future.
'I can see consumers liking it if they are not ready to pay for advice yet. But would they like it enough to pay? I think they'll need to find another way to make their robot profitable.'
Alasdair Walker, director at Hunter, Aitkenhead & Walker, said VouchedFor was in danger of 'cutting off their nose to spite their face'.
He added: 'They are trying to create a proposition that is both customer facing and appeals to advisers, that I guess will end up appealing to neither.'