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Digital Advice

Digital AdviceDigital Advice

What is it?

Digital advice is the logical development of an industry which was previously only able to provide very high-touch, one-to-one service to well-heeled individuals. Trouble is that the only approach for anyone with less than about £75,000 who wanted some advice was to muddle through and work it out yourself.

Digital advice embraces modern technology to do a lot of the fact-finding and heavy lifting using tech. It also largely removes individual opinion from the equation, with algorithms behind the scenes mostly running the show. There are multiple flavours of digital advice, ranging from the almost entirely online, to those hybrid options which really blend digital and good old humans.

Browse our Digital Advice table here.

How Much?

As always it depends on scope but you will should expect a regulated, personalised advice service at less than 1% a year. That’s the whole shooting match – admin, investments and advice. By way of comparison, the poshest wealth managers will typically charge about 2.2% - 2.5% a year.

Who For?

What are my choices?

We group digital advice into 2 core categories.

Online Digital Advice

Typically lower-cost and almost exclusively delivered online, these services will be helpful for cash savers getting started on their financial journeys OR those wanting a ready-made investment ISA which has been put together by experts behind the scenes.

Cash savers or general financial advice and tips – try Multiply or OpenMoney

Investment – try Barclays (for customers), Moneyfarm or Santander (for customers)

Hybrid digital advice

Typically aimed at those with assets nearing £50,000 or more, these services blend modern tech with good old humans. Often focussed on retirement – either planning for it, or actually working through the muddle of switching from salary to pension income – these are nice solutions for those who can't afford or who simply don’t want the full traditional (and pricier) service.

Those saving up for retirement and generally planning – look at Vanguard

Those coming up to retirement – consider abrdn (formerly Standard Life) or HUB Financial Solutions

Those wanting broader advice with the option to dial up the human stuff – check out Netwealth

Other options

If you simply want a ready-made investment ISA you could consider a robo adviser – these will mostly NOT be regulated advice but they will ask you a few simple questions and suggest a ready-made ISA with a decent supporting app.

If you want a more bespoke service but without the relatively high ongoing % charges every year, have a look at the traditional financial advisers on our Find an Adviser directory and choose the ‘Fixed Fee’ filter.