According to Munnypot, the service will also be a fraction of the cost of a financial adviser or wealth manager.
It said users would begin by answering simple questions online to define their life goals. This is done using natural language and a conversational style. They can then ‘play’ with different scenarios to understand how their financial future could be affected by different decisions.
Munnypot plans to offer clear advice via one of five tracker products. It will then keep consumers informed on performance, advising them on the possible decisions to take if things change.
According to Munnypot, their service works the same for a £1,000 investment as it does for a £1m ($1.3m, €1.2m) investment.
Simon Redgrove, co-founder of Munnypot, said: “The UK’s current system of financial advice is profoundly unfair and must change. Millions are bamboozled by the variety and complexity of financial products on the market.
“The financial service industry profits from this, charging sky-high fees for advice, whilst often failing to outperform the market. We’re on a mission to make financial advice affordable and accessible to all, so that their money works harder for them. “
Co-founder Andrew Fay said: “The first generation of robo-advice services were, frankly, too robotic and failed to actually give people advice. Munnypot is aiming to change that by creating a more natural, intuitive experience that delivers actionable advice, rather than vague recommendations.”
Through the SEI Wealth Platform the organisation will provide outsourced investment operations, including trading, custody and settlement services.
SEI is also providing consultancy services to help bring the proposition to market.
Brett Williams, managing director, SEI Wealth Platform, said: “As a consequence of the RDR, we have seen an increase in demand for automated advice solutions to help those customers who are no longer being served by advisers, or for those that want to self-serve with some help and guidance.
“We believe [Munnypot] will be a disruptive brand in the UK market.”