The best time to start saving is when you’re young. That way, investments have the chance to grow over the long term. But younger generations often seem to ‘live for today’ – they don’t always see the advantage of planning their finances or paying for professional advice.

So we’re excited to tell you about our brand new toy!

We’ve launched an interactive financial planning platform that’s quick, easy and absolutely free. It enables users to set their own financial goals, attitude to risk, and time horizon, and then suggests a portfolio. Users can play around as much as they want, in order to build their own financial plan.

Unlike most ‘robo advice’ (see below), our tool is collaborative, because it lets users submit their plan and then actually talk to someone (either Lance or Jonathan).

If you are one of our clients, you already know the value of financial planning. You are welcome to play with the tool – but you don’t need to because we are already looking after your investments.

However, maybe you have adult children who would benefit, or know other people with a fairly simple financial situation? It’s most useful for people who have saved a certain amount and are ready to invest, so they will probably be in their 30s or 40s. If yes, please send them this link as a gift from Tucana:

Thank you for your support.

Remember, this isn’t robo advice – it’s a rare halfway house between complete automation and personalised advice. Shall we call it ‘facilitated advice’? Remember, there’s absolutely no charge for playing with the tool. As with all our services, no fee becomes due until we come to an agreement.

We hope you are as excited about this new toy as we are! Please do have a play with it and let us know what you think.

Introducing robo advice

The traditional wealth management industry is designed for people who have a significant amount to invest. Sean Port of Nutmeg says: “For the vast majority of people, a traditional wealth manager is simply not accessible, affordable or necessary.”

Enter robo advisors.

Robo-advisors use the power of technology to provide financial advice or portfolio management, with minimal human intervention. Savings and investment advice is automated and handled online. (It’s done by algorithms, not actual robots.)

Adam French, co-founder and UK MD of online investment manager Scalable Capital, doesn’t like the expression ‘robo-advice’. He says: “We prefer the term digital investment manager.”

Jeff Salway, a personal finance journalist who sits on the Financial Services Consumer Panel, agrees: “I hate that term, most of the players in the industry hate that term, but it comes from the states and the FCA seems to like it so it’s what we’re stuck with.”

The FCA endorses the idea, saying: “Online automated advice models have the ability to deliver advice in a more cost-efficient way.”

Jeff also makes this important point: “A lot of automated advice services are based on decision trees and are really guided sales. They’re not financial advice that takes into account your objectives and your goals and how your circumstances change over your life.”

That’s where the Tucana tool adds value – people can use it to plan their portfolios, and then an expert investment adviser takes over, working with them online to save time having face-to-face meetings and lengthy phone calls.

Samantha Boyd of Rathbones concludes: “Nothing can compete with the personal service you receive from a dedicated investment management professional – a human being.”

Tucana Insights

Claim your FREE ebook and keep up to date with our exclusive investment insights

A verification email has just been sent to your inbox. Please verify your email address.

Share This