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STARTUP OF THE MONTH Talking ‘bout a revolution
Simon Redgrove, co-founder of Munnypot, tells IBS Journal about his mission to shake up the financial advice industry
Interview by Scott Thompson
through university – and then invest your money to help you reach those goals.
IBS Journal: What’s your business model?
yourself. I BS Journal: Tell us about
Simon Redgrove: Munnypot is a robo-advice service that anyone can use to get straightforward financial advice, presented in a language they can understand, at a fraction of the cost of a financial adviser or wealth manager. Our low fees mean you keep more of your investment returns without compromising quality. We’re combining the latest technology, with human expertise, to understand your financial goals – whether you want a new car, to go on holiday with the family, or to put your children
www.ibsintelligence.com © IBS Intelligence 2016
SR: Our business model aims to provide access to, and simplify, savings and investment advice online, via a ‘chat style’ customer journey. We help customers to set their financial goals and provide advice on how to reach them in only 15 minutes. We will then choose the investment that we believe will help them hit their goal and track their investment, advising them how to stay on target throughout the process, monitoring their pot around the clock 24/7. If their pot ever veers off-track, we’ll immediately show them some different options that could get it back on track. We’ll also tell them when any of their pots hit an important milestone and customers can see how their goals are doing at any time on their own dashboard.
IBS Journal: What sets you apart?
SR: What sets us apart is the simplicity of our service. Our goal is not to bamboozle people with
products. We begin by asking simple questions to understand their goals, give actual advice (not just guidance or options) on how to potentially reach those goals, and let users play with different scenarios to understand exactly how their investment could be affected by different decisions. We provide sophisticated investing wrapped up in a straightforward package.
We have chosen Vanguard’s Life Strategy Funds to invest customers’ money. Vanguard have built specific all-in-one funds using simple index tracking funds as the underlying components. The fact that index funds generally operate with lower costs than actively managed funds also means Vanguard can offer them at a low cost, which we all love.
IBS Journal: Who or what inspired you to set the company up?
SR: We want to eliminate the financial advice gap. My co-founder, Andrew Fay, and I want to make financial advice affordable and accessible for everyone, making everyone’s money work harder
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