OpenMoney has updated its online advice proposition by launching a fully-automated annual review service for customers, prompting them to update financial details, investment goals and risk preferences at least once a year.
The firm, founded in 2016, said the annual review process would only take customers a few minutes. Clients are asked to confirm existing details and reminded that life events, like having a baby, buying a house or getting a pay rise can all impact the advice they are given. If the client wants to speak to a real person, OpenMoney said, they can book a telephone appointment with an adviser at no extra cost. The annual review is included in OpenMoney's 0.5% all-in fee, which includes the ongoing advice charge (0.25%) and fund (up to 0.15%) and administration (0.10%) costs. Hybrid advice...
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