Netwealth has been founded by Charlotte Ransom, a former Goldman Sachs partner and Thomas Salter, a former managing director of JP Morgan.
Gerard Lyons, who was chief economic adviser to Boris Johnson from January 2013, joins as chief economic strategist. He spent 27 years as an economic strategist, and was global chief economist at Standard Chartered between 1999 and 2012.
Ms Ransom said: "A significant number of professionals in Britain are either underinvested or unhappily invested.
"They do not have the time, nor sometimes the inclination, to invest for themselves yet have not found a suitable discretionary offering for their needs.”
Ms Ransom, a vice president of Save the Children, said: “Whilst critical aspects such as a highly qualified team, investment rigour and security of their assets are all vital, they also want to benefit from all that technology can bring, including performance analytics, customisation of their individual investment goals, and transparency when it comes to the true costs of the service. Netwealth addresses all of these important aspects".
Netwealth said its charges start at an all-in annual fee of 0.65% from £50,000 down to 0.35% for £500,000 and above.
The company said it helps promote cross-generational savings by allowing clients to invite family members or friends into their network. While individuals each have their own portfolios within the network, fees are calculated on the total investment amount.
The company has raised just over £6.5m of investment, which it said was one of the largest angel rounds in the UK in the last 5 years.
The investor line-up includes Edward Bonham Carter (Vice-chairman Jupiter Fund Management), Michael Hartweg (co-founder Leonteq), Harvey McGrath (former chairman of Man Group and Prudential), Merryn Somerset Webb (Editor-in-Chief MoneyWeek) and Edward Wray (Co-Founder Betfair).