The creator of a non-advised online fund selection tool for investors has called on more advisers to develop their own online technology.
Kent-based IFA Dennehy Weller soft-launched its Fund Expert website last month, in conjunction with Fidelity FundsNetwork.
It uses a "basket" approach, allowing customers to add funds for purchase without being diverted to an additional site.
But managing director Brian Dennehey said the industry as a whole is "appalling at innovation."
"At the moment it's coming from the fairly small players," he said. "You've got a handful that are embarrassing the rest of the industry, and I'm including the fund managers in that."
The non-advised site, which features a bi-annual 50 page analysis of the market, along with more regular shorter updates, aims to provide a more "three dimensional" approach to fund selection.
"For every sector there's a double sided sheet with analysis back to 1994, warts and all," he said. "We highlight sectors where the numbers aren't as good. We're trying to be more helpful and focussed than other websites. If we made a list of our 150 favourite funds, how helpful would that be?"
A common misconception amongst advisers was that execution-only propositions would damage a firm's more lucrative advised business, or fall foul of the regulator, Dennehy said.
"It's not about trying to steal business from other advisers," he said. "Most of the people who used the site won't use advisers anyway.
"We don't see any risk of cannibalisation, but we do see leaking to the advice side over time and that will be for lifestyle reasons. People get to the stage where they are too busy, and having help won't cost that much more.
"Post-RDR we will try to be flexible, by having a menu option so if they want, from time to time, to pick bits of advice, they'll be able to do that for fixed fee charges done by Dennehy Weller - and if they want full-time advice they can do that too."
The service, which takes a 0.5% annual fee, has had interest from both sophisticated and lower-end clients.
"People who had been thinking about ISAs for months went through the journey and when they got to the end that could see why it was the result," Dennehy said.
"Then we had a very sophisticated investor who put funds in the basket, checked the alternatives and spotted funds that he hadn't thought of.
"It seems to be touching a nerve for people at opposite ends of the spectrum."
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