Citywire printed articles sponsored by:
View the article online at http://citywire.co.uk/new-model-adviser/article/a543826
Royal London unveils D2C financial planning service
by Jun Merrett on Nov 21, 2011 at 12:20
Royal London has unveiled its online direct-to-consumer financial planning proposition MoneyVista, which will offer a simplified cashflow modelling tool to allow consumers to monitor progress towards their goals.
The online proposition, which has launched today, is a subscription-based service which Royal London said was targeted at investors without a financial planner, and would not sell financial products.
It costs £8 per month, £20 a quarter or £75 per year and will be free for the first 30 days. The service allows consumers to see the value of their assets, including funds, shares and property, and accounts for users’ salaries. Royal London said the service would also allow users to see the financial effect of starting retirement earlier or later and how their property could be used for retirement saving.
Martin Peterlechner, Moneyvista head of marketing said: 'MoneyVista is a unique service for the 11 million financially active UK consumers who currently manage their own financial affairs. It aims to give these consumers a simple, safe and secure way to create, maintain and use a financial plan.'
Peterlechner added Royal London would not be using MoneyVista to establish relationships with ‘orphan’ clients. 'We are looking for consumers who are looking after themselves. We will not be overtly targeting Royal London or anyone else's orphan clients at the moment. There may be clients of that type coming to us but it won't be as a result of us directly targeting them.'
Markets
News sponsored by:
3 comments so far. Why not have your say?
John Phillips
Nov 21, 2011 at 14:02
THIN END OF WEDGE ME THINKS
report thisHugh Jars
Nov 21, 2011 at 15:29
People will surely not be daft enough to pay £8 a month.....could they?
I mean....If in the unlikley event the whole of Martin Peterlechner's target audience of 11m 'financially active' consumers weighed up the benefit to themselves, of simply investing this £8 a month fee, into a personal pension, plan (only assuming basic rate tax relief added) would mean there would be £1.3 billion a year going towards the much vaunted 'retirement savings gap'
If i was one of the 'financially active ' consumers, I know my £8 wouldn't be going into it...
But, give Royal London credit for the idea....
As a matter of interest...do the maths.....if they only get a 1% take up rate of the 11m 'active ' consumers, they will generate income of £10.56m per annum....it's a pretty good idea,.
report thisPhil Castle
Nov 21, 2011 at 21:21
Sammedia are offering something similar called "Moneyinfo" which works WITH IFAs and their clients and is NOT linked to a particular provider. It is also less expensive per user. We will be offerring it to our clients (ongoing service) and customers (transactional) from January 2012. The former will have it as an additional benefit at no additional cost,whilst customers can choose to have it (for a modest cost) and employer's who we operate group schemes for can consider subsidising it for their employees as part of the "annual advice" cost they can pay which is NOT a benefit in kind.
report thisleave a comment
Please sign in here or register here to comment. It is free to register and only takes a minute or two.