In what might be the ultimate contrarian move, the UK's largest robo advisor Nutmeg is launching a service to provide financial advice over the phone.
The company will also offer a portfolio review service, covering any investment held outside of Nutmeg, and will consider asset allocation, currency exposure and more. It is a shift away from Nutmeg’s current automated service, which places customers into one of a range of ready-made fund portfolios based on their risk appetite, via an online app. Its new service will not cost anything for an initial discussion and will cost £350 for personalised recommendations. Nutmeg said it wanted to make financial advice more affordable to everyone, in response to the UK financial regulator’s Financial Advice Market Review in 2015, which laid bare the problem of a lack of access to advice.