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Robo-adviser Moneyfarm to launch Sipp by end of the year

Robo-adviser Moneyfarm to launch Sipp by end of the year

Digital advice firm Moneyfarm is developing plans to unveil its own Sipp in the third quarter of this year.  

The move comes as part of the Italian firm's plans to expand its product range. Co-founder and chief executive Giovanni Daprà (pictured) said Moneyfarm's ambition is to be at the heart of the consumer's entire financial life. 

'We are aiming to launch the Sipp in Q3, and are in the process of finalising the details such as costs and charges. We launched an insurance product in Italy which was based on a similar concept and has been well received,' he said.

'The most important thing for us is to increase our product range, and we want to be at the centre of a customer's wealth management needs across the board, from investments to pensions, tax and the whole planning process. We are looking at how to develop a product and expand it in such a way as to become the focal point for someone's entire financial life.'

So far this year, the firm has announced partnerships with both transport firm Uber and Allianz Global Investors to provide staff with pension and ISA products at discounted rates, and Daprà said this was a key part of the firm's growth plans. 

Daprà said Moneyfarm would not shy away from using the term advice, even if rivals were less keen to do so. 

'We want to offer more options for customers. Creating an entire platform that basically sells products might be more like a discretionary portfolio management service, and I don't see a sustainable competitive advantage there,' he said.

'While most are running away from advice, we want a service that provides a more comprehensive and better experience. Rather than just focusing on an investment management proposition, we want to fully integrate that with a more personalised advice and financial planning solution closer to the IFA function.'

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