Investigate Digital Advice

Digital Advice is a new way to access advice which can be cheaper and more convenient than going to see a traditional financial adviser. A good idea for people with more straightforward affairs who want a service to oversee, direct and help make sure you don’t do anything daft. But don’t expect a butler and super personalised service.

Who will it suit?

This is a great source of help for those with less than £75,000 of investments, cash and pensions – this is typically the very minimum for most financial advisers to consider people as clients.

It’s also an interesting option for those who don’t want the faff of going to an adviser’s office, conducting small talk, doing that chit chat and all in daylight hours! If you like the sound of managing your money online, at home, with a glass of wine at your side and wearing a tracksuit – then this is a great solution!

Don’t assume it’s all really sterile too – some providers have good amounts of human contact baked into the process as well, so have a look at each provider’s pages in our Digital Advice table for details.

What does it cost?

It really depends on which service you use. The more simple solutions which are largely computer-only services can start from about 0.4% of your money every year. So if you have £10,000, that could be about £40 a year.

If you have balances of more than £50,000 and want help with retirement and pensions, then you’re looking at all-inclusive sums of nearer 1% a year. So, for £50,000 that could be around £500 a year.

Check any initial fees too – some pension-focussed services such as abrdn and Destination Retirement have initial charges of around £500 to get you up and running – have a look at each provider’s profile pages for more detail.

What are the drawbacks?

These services are mostly cheaper and so something has to give. This is usually the degree of contact with a good old human being that you get. If you really like a relationship with a known individual, who is always the same person, then this won’t be the best choice for you.

Where can I find out more?

Check out our Digital Advice table for details and customer reviews.