The makers of Munnypot said the “natural chat format” would help the millions of people who they believe are “bamboozled” by finance.
Due to be available to the UK public in the autumn, the creators said it was a robo-advice and investment service that “anyone can use to get straightforward financial advice in a language they can understand, at a fraction of the cost of a financial adviser or wealth manager”.
The promoters said in a statement: “Munnypot uses a simple, natural chat format – styled like WhatsApp – to engage with users and determine the right investment options for them and keep them up to date with the progress of their savings.
“Munnypot combines this accessible approach with backing from industry heavyweights – including SEI Wealth Management – and state of the art algorithms to predict and manage the progress of the customer’s investment to help them hit their financial goals.”
Munnypot is co-founded by Simon Redgrove, a former adviser, and Andrew Fay.
Mr 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.”
Mr Redgrove claimed Munnypot will be “like nothing else on the market”.
He 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. The Munnypot product is like nothing else on the market – we can’t wait to hand it over to UK consumers."
Users begin by answering simple questions online to define their life goals before 'playing’ with different scenarios to understand how their financial future could be affected by different decisions.
The creators said it “plans to offer clear advice on the best way for a person to invest their money” via one of five tracker products, before providing performance updates and advising on possible decisions if things change.
The founders said they were aiming to address the financial advice gap affecting 16 million people in Britain.