Scalable Capital, a digital wealth management business with £600 million in assets under management and over 20,000 clients, will now be offering advice to its clients.
The firm has also announced that co-founder and chief operating officer Simon Miller will be appointed as UK chief executive, while current chief executive Adam French will take on international responsibility for the business.
The decision comes after the robo-advice firm expanded its operations into Switzerland earlier this month. In his new capacity, French will be focusing on the firm's collaborations with financial institutions and large corporates across Europe and beyond.
The company announced it will start offering full financial advice.
The firm is offering a financial assessment of a client’s financial position conducted by a qualified financial adviser.
Under the new service, clients can book a call or a personal meeting with one of the advisers. After the initial, free consultation to determine if the services are suitable for the client, the client can book a session with an adviser for a fixed fee of £200.
Scalable is not the first robo-adviser to venture into advice, Nutmeg late last year stated it too is developing an advice component—after getting the regulatory green light to carry out advice back in March 2016.
Simon Miller (pictured), co-founder of Scalable Capital, said: ‘We are experiencing increasing demand for our risk-managed investment solution from wealthier clients who have more complex financial situations and who told us they would be keen to use such a service.
‘At the same time, we wanted to make sure that our offer was priced such that clients without a high 6-digit-investment would also find it attractive.'
Watch Adam French talk about robo-advice suitability with New Model Adviser® in the Citywire studio in a 2017 round table discussion with other digital investment leaders.