Money on Toast, as well as many other things, offers consumers automated advice. Mark Polson takes a bite (and kinda likes it)…
One consequence of the accessibility of new technology and the pressures of the Retail Distribution Review is that some advisers are coming up with new propositions to serve new customers in new ways.
Such a one is CPN Investment Management from Chichester, which has graciously submitted its Money On Toast service for the traditional probing.
Money On Toast is a fascinating hybrid of a lot of different trends in the industry right now.
Mark Polson tucks into Money on Toast
It offers an execution-only, direct-to-customer trading platform. It tries to interest customers requiring advice in new forms of taking that advice – from offering it via Webex or Skype through to charging for it in 20-minute chunks (£35 a pop in case you were wondering).
It tries to capture ongoing passive income from legacy assets by hooking them in under its agency. And it uses a suite of customer-facing profiling and fact-finding tools to allow individuals to control their own planning experience. All this is done online.
The site doesn’t stop there, though. It goes where most others have feared to tread, into the realm of automated advice. That’s right, if you go through the right process, Money On Toast’s automated robot helper, Doughbot, will helpfully recommend an ISA, a bond, a pension or protection for you.
And if you’re a corporation, there’s an auto-enrolment tool and a whole group pension section.
With such a smorgasbord of options and a site trying to do so much, it’s hard to single things out for this review. We’ll start with the tech and the user experience, and see what happens from there.
Firstly, the team are to be commended on a recent upgrade to the site. The first time I looked at Money On Toast as a subject for this column, a lot of basics needed sorting – from silly grammar mistakes through to more serious issues. The upgrade has added new tooling functionality and fixed a lot of what wasn’t so great in terms of making it a professional and engaging experience.
This article continues…
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