Chichester-based IFA firm CPN Investment Management has launched Money on Toast, an online advice service that aims to provide simplified advice to those who find traditional advice inaccessible or too expensive.
The site performs an online fact find and risk profile as part of registration, then uses algorithms to recommend suitable products.
The online fact find and risk profile is free - the client is only charged when they purchase a product.
Clients will also be provided with financial advice at £35 for 20 minutes if they need it once they have completed their registration.
Money on Toast is run by a dedicated team of five, with an additional ten staff from CPN Investment Management including advisers and paraplanners who will provide services as and when they are required.
Financial consultant at the firm, Charlie Nicholls, said: "We have followed the FSA's guidance on simplified advice as far as it is possible - although it is very broad brush. To be honest the organisation looks as though it plans to regulate as it goes on.
"However, we know there are a lot of clients that IFAs and the banks won't be able to service post-RDR because they just don't have enough money to spend - there is also a huge market of 11 million people that have never had access to advice."
The company hopes to secure repeat business because its clients will have an account at the site with all their financial details stored there.
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