UK-based independent financial advice firm LEBC is to introduce a “bionic advice” service through its ‘Hummingbird’ app.
It will offer both human and robo-advice to clients.
The app will allow people to access information about their spending, credit cards, savings, investments and pensions all in one place by using open banking technology.
LEBC clients will not be able to make transfers through Hummingbird, but will see real time updates on the app.
Initially, customers will access products – such as Wills, life insurance and mortgages – through selected partner firms.
In addition, the app will provide a “feed through link” to an LEBC adviser with whom clients can discuss a range of topics including; planning for retirement, tax-efficient investments, inheritance and intergenerational wealth.
The advice offered is regulated, LEBC said.
Tackling cost of advice
Jeremy MacLeod, managing director at LEBC Hummingbird, said: “Everyone who has a home and assets is aware of the need to have a Will, and those with mortgages know they should shop around for a good deal and have life cover in place to ensure the loan is repaid, but people do not always get organised, however well intentioned.
“Bionic Advice aims to make these tasks easy and cost-effective to complete.”
Hummingbird users will be given the option to grant temporary or permanent access to other people – such as a family member, financial adviser or attorney – to look after their finances.
LEBC said the app was created to reduce the cost of financial advice.
Hummingbird will be free for LEBC clients subscribing to the firm’s annual review service; while it will cost £0.99 a month/£9.99 a year on Android devices, and £1.49 a month/£14.99 ($19.87, €17.71) a year for Apple users.
