Former chief executive of Ashcourt Rowan Chris Williams (pictured) is planning to launch an online and phone-based simplified advice service.
WealthHorizon is expected to launch this summer, with financial backing from a group of private investors including Williams.
The service will allow clients to invest and consult with advisers if they require guidance.
The telephone advisers are expected to refer to external planning firms for more complex advice, such as estate planning, inheritance tax and tax efficient savings and investments.
Williams said he had set up the business to fill the advice gap left by the Retail Distribution Review (RDR), for clients unwilling or unable to pay fees associated with traditional advice.
'The RDR has left a gap in the advice market and many people have been left without access to advice,' said Williams.
'We are providing a solution for those who are without a suitable way of investing, especially those who want their investments to work hard for them, but do not necessarily have needs which are complicated enough to warrant a traditional financial adviser.'
'We can see part of the population in the UK is being left in the financial shadows and are not being served appropriately by the industry. This has to change. We feel there is a real gap in the market for consumer services which have the advantages of both online and human interaction.'
Williams said the firm will start with less than 10 advisers who will be qualified to at least QCF level four, he said 'advisers will need to efficiently service a greater number of smaller clients'.
'As such, we are developing a way of providing a greater online capability to advisers, enabling clients to undertake more transactions themselves.'
The WealthHorizon service will be powered by Parmenion. Williams said the firm had not yet decided on a charging structure.
Williams headed Aschourt Rowan between 2012 and 2013, and was consequently replaced by Gaius Jones from Towry in March last year.