AJ Bell has launched an investment app Dodl by AJ Bell in a bid to make investing “easier and accessible to everyone”.
The move was first announced in November 2021, with the company aiming to unveil the service in H1 2022.
Dodl has an annual charge of 0.15% of portfolio value for each investment account, with a £1 per month minimum for each account.
AJ Bell said there will be no commission for buying or selling investments as well as no tax wrapper charges. Those investing in funds will also pay the annual charge of the underlying fund as per usual.
The firm said it wanted to create a “no-nonsense” service designed to be easy to use “regardless of investment experience”, with a streamlined range of products to not overwhelm investors.
The move stemmed from the Financial Conduct Authority (FCA) report which found the 8.6 million adults in the UK hold more than £10,000 ($13,200, €12,000) of investible assets in cash, but they leave it as such because they find investing scary.
Dodl and its investment range are aiming to attract longer-term investors rather then day traders and hobbyists, already being served by AJ Bell Youinvest, the firm said.
Customers will be able to open an Isa, Lifetime Isa, general investment and pension accounts through the app. They will be able to choose among 30 funds and 50 UK shares, with dealing once a day.
Those seeking ready-made solutions will be able to access AJ Bell’s multi-asset funds catered for six different risk levels.
While clients looking to invest in sustainable and ESG-focused companies will be able to put their money in the AJ Bell Responsible Growth fund.
If they are more interested in specific markets, AJ Bell said that Dodl has 23 funds on offer focusing on the core stock markets around the world and specialist themes such as technology, robotics, healthcare and property, from investment providers including Blackrock and Vanguard.
Whereas for clients looking to invest in brands, they can pick between 50 shares in UK-listed companies, with US ones coming soon, the firm added.
Andy Bell, chief executive of AJ Bell, said: “Investing needn’t be scary. In developing Dodl, we’ve focused on removing jargon, making it quick and easy to open an account and narrowing the range of investments customers have to choose from. It also has a simple, very low annual charge, with no commission for buying or selling investments.
“This combination of simplicity and value make Dodl a great option for anyone looking for a low-cost, easy-to-use investment app to help them meet their investment goals. The simple investment journey and streamlined investment range will appeal particularly to those that are new to investing and want an easy way to manage their investments.”