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Low cost financial planning

The Financial Conduct Authority and HM Treasury have published a report called the Financial Advice Market Review (FAMR).

The report was commissioned because there is a problem getting good financial advice out to people. At the moment only the very rich can afford financial advice. The problem is that there are no longer any large commissions so advisors need to charge fees, which can run into thousands of pounds.

The report recommends technology is used to bridge the gap and provide advice.

Websites are being launched which use algorithms to suggest automated investment portfolios based on customers’ goals and attitude to risk. The value of money being managed this way is forecasted to grow 2,500% between now and by 2020.

Here are three:

- Fiver a Day
- Money on Toast
- Wealth Horizon

This Websites may not be a replacement for holistic financial planning but you can use our life planning system for free to help create a plan for yourself.

If you want to review your plans get in touch.