Financial information website Moneyguru is to launch a service for individuals which will allow them...
Financial information website Moneyguru is to launch a service for individuals which will allow them to manage all their financial transactions over the internet.
The company intends to bring out its Wealth Management Platform, which will allow users online access to their bank accounts, stockbroking services, pension fund data and share or fund portfolio information from one source.
It intends to add this to its existing website by the end of the year. Users will be able to log into their accounts and pick out the banks and stockbrokers whose services suit their needs.
Additional options will include property portfolio data with live market price updates and an administration system which allows users to perform their administrative functions through one platform rather than dealing with each provider individually.
Ken Scott, managing director of Moneyguru, said many banks now provide an internet service but generally do not offer users a wide choice of independent products and the ability to centralise all their financial transactions through one portal.
Moneyguru was founded by Charles Fowler, previously joint chairman at AIB Govett Asset Management, and includes a number of former Govett staff.
Peter Cotgrove, formerly managing director of unit trusts is a director, Mike Wilson, who held the role after Cotgrove, is director of institutional sales and Andrea Sander-Williams is marketing manager, a position she also held at Govetts.
The company asked Wilson to join specifically to target the intermediary market.
He will especially be concentrating on how to provide information to IFAs, including in-house recommendations by MoneyGuru's team of six equity analysts covering the UK, Nasdaq and some European markets.
Fowler said he founded the company to address the advantage institutional and professional investors have over private individuals.
Fowler believes MoneyGuru's strength lies in being the only financial website offering institutional quality research from its team of analysts, headed by Ian Lancaster, former fund manager at Axa Equity & Law Investment Managers.
The team produces three to four pieces of research per day for members paying £11.95 per month per subscription.
MoneyGuru enters a highly competitive marketplace that already has more than 10 rival services like moneyworld.co.uk and fool.co.uk.
The PIA registered website will also be launching its Personal Finance Guru in the second week of September. The service will provide initial guidance based on lifestyle issues and regular articles with a strong prompt to seek guidance from IFAs.
Managing director Ken Scott said MoneyGuru was looking to act as a clearing house for IFAs and was in consultation with a number of them.
He added: "The site focuses on business to consumer but we have companies like Hargreaves Landsdown, which is a crossover between broker and adviser, using our research to beef up their website content."
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