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London IFA launches robo-advice service

London IFA launches robo-advice service

A London-based adviser has launched an online advice proposition to build up a client base for the firm he launched a year ago. 

Abi Ladele (pictured) is director and sole adviser at FOL Wealth.

This week Ladele will start to offer clients an automated advice service through Intelliflo's personal finance portal system, where they will be able to follow an automated advice process to set up investments.

Ladele hopes this will expand his client bank and work into a long-term business plan.

‘We do have other services we offer but this is to generate client business and start a relationship with people,' he said.

‘I would hope this will bring in around 100 clients per year.'

The firm will not charge initial fees for the proposition. Ladele said clients would pay an annual charge of 0.9%. The minimum investment for the service is £1,000.

‘We are able to offer a competitive price, because we do not see automated advice as our main source of revenue, but an opportunity to develop and build relationship with today’s consumer,' he said.

‘[The automated proposition] is not going to generate a huge amount of income but any face to face service afterwards will generate more income.'

Ladele said he hoped to attract a specific kind of client from the online service. 

‘The kind of market we are targeting is the people who are comfortable online, those people that are always on Twitter and Snap Chat,’ said Ladele.

Clients will go through a process which asks about personal circumstances and goals in order to determine their risk appetite. After this they will be recommended a product, and called by someone at FOL Wealth to confirm the move.

Ladele worked as an adviser at HSBC until 2010 when he started a change management consultancy. He set up FOL Wealth in April 2016 to offer advice to corporate clients of the consultancy.

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