Moneyfarm, the European digital wealth manager, has launched its first ‘platform as a service’ solution in the UK for M&G plc. It is powered by M&G Wealth, and was delivered in just nine months.
Moneyfarm has developed an investment experience, available as an app on both Android and iOS as well as a web application. It is designed to target a new generation of savers, helping them to feel more confident in their investment decisions. Moneyfarm has created a solution for M&G that provides the simplicity of a digital-first investing experience but doesn’t forget that real people sometimes want help from real people, so they have access to dedicated &me consultants.
Due to the massive increase in digital adoption, the launch of &me is a huge opportunity for Moneyfarm and M&G plc. Boring Money estimates that there are 6.5 million potential customers open to digital advice in the UK. It is also believed that the digital wealth industry only accounts for around three per cent of this as the incumbents have continued to dominate.
Moneyfarm can provide its B2B2C partners with bespoke solutions. It combines a technology platform, product wrappers, asset management capabilities, back office/operations and an engagement model.
It is tried and tested, being already embedded into the propositions of:
- Poste Italiane (Postefuturo Investimenti)
- Unicredit’s Buddybank (Steppy by Moneyfarm)
- Banca Sella (Sella Evolution powered by Moneyfarm)
Rebalancing of risk-weighted portfolios
Moneyfarm has developed the investment app, available on Android and iOS as well as a web application. It has also created the new &me branding and proposition, from concept, design to completion.
It is also providing the marketing coordination services to support the &me proposition. Furthermore, it is operating the Moneyfarm core platform. Additionally, its providing dedicated customer relationship management, portfolio management and investment advisory services to customers. The partnership sees M&G Wealth provide advice to Moneyfarm with respect to the composition and rebalancing of the risk weighted portfolios.
&me clients have access to &me classic or targeted portfolios. The classic portfolios are made up of a diversified portfolio of ETFs investing in equities and bonds across different regions such as US equities and UK corporate bonds. The targeted portfolios invest in a blend of active and passive funds. These are actively managed funds from some of the world’s finest investment managers and invest in equities, bonds and alternatives.
Giovanni DapraÌ, co-founder and chief executive at Moneyfarm, said:
“Moneyfarm was launched to help make investing more accessible, simple and transparent. As part of this, we have been growing our B2B2C partnerships and leveraging our API capabilities. This has been very successful in Italy.
“In the UK we are very excited to launch our first partnership with M&G plc and look forward to helping many more savers in their digital wealth journey.”
Daniel Giddings, head of business development UK, Moneyfarm said:
“To bring a ‘platform as a service’ solution and new brand to market in nine months is almost unheard of. We have offered full flexibility of approach in the launch of &me and provided a fully outsourced solution. &me brings together Moneyfarm’s best in class technology, M&G Wealth’s investment expertise and the all-important human touch provided by the dedicated &me investment consultants.
“The platform uses an algorithm when clients go through the onboarding process and a suitable portfolio is advised upon. This is based on the customer’s specific risk appetite, financial knowledge and financial situation.
“What was most important for M&G plc was to have the human touch and we have provided dedicated &me consultants that clients are able to reach out to in a way that suits them, by phone, in-app, webchat or video calls, supporting them with their portfolio, the wider market or building their investment plan.
“Moneyfarm is focused on delivering for our partners and continuing to evolve our proposition. Developing our B2B2C solutions is a key area of growth for our business.”