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Thomas Miller launches 'bionic' digital wealth service

Thomas Miller launches 'bionic' digital wealth service

Thomas Miller Investment (TMI) is launching what it dubs a 'bionic' digital service for potential clients who lack the funds to qualify for its wealth management service.

The new offering, due to be rolled out in mid-2018, is designed to attract a demographic that will eventually join the firm’s traditional proposition.

New clients will be offered access with a minimum investment of around £50,000, a significant reduction from the £250,000 required for TMI's discretionary offering.

Minimum fee levels of £1,000 - £1,500 a year are also being considered to ensure enough value is added to clients so that they are not disadvantaged, said managing director Matt Phillips (pictured).

Phillips, who has ruled out targeting an even wider demographic in future, added: ‘This is not a robo advice service per se, it is more “bionic” so it will deal with clients remotely and therefore enable us to service clients of a smaller size. As a result, this is not going to be £10 per month ISAs. 

‘We need to tailor services to clients so that they receive value. Clearly highly personalised services require more professional time and are not going to add value at smaller amounts.’

Those who go on to accumulate assets equal to the firm’s required minimum will be given the option to switch to the personalised service.

The profile of the firm’s average core client is that of a senior executive or similar in their 60s, as well as a number of high profile clients in entertainment or other fields.

TMI currently manages £3.4 billion in assets and serves 1,196 clients, the vast majority of whom are private individuals.

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