The Pooter Christmas Ghost story: Part II – Doing God's Work 22/12/2015 Over the course of this week, we will be serialising a frightening and salutary Christmas ghost story of a dread haunting in private banking. Yes, aggrieved clients really do come back from the dead and even Bournemouth and Harrogate, seeking mis-selling revenge. Read on, chums, if you dare....
A Private Banking Christmas Ghost Story: Part I 21/12/2015 Over the course of this week, we will be serialising a frightening and salutary Christmas ghost story of a dread haunting in private banking. Yes, aggrieved clients really do come back from the dead and even Bournemouth and Harrogate, seeking mis-selling revenge. This first chapter will be followed by successive chapters tomorrow and Wednesday, when the complete story will be published. Read on, chums, if you dare....
Why Nutmeg won't be producing an app anytime soon 07/12/2015 Digital wealth manager Nutmeg has only completed one percent of its mission, according to chief executive Nick Hungerford.
It is now putting in place the third element of its business plan - to offer ‘automated’ advice.
Mr Hungerford and his team believe they already have the investment engine in place - a moderate growth portfolio has outperformed competitors (5.2 percent v. 4.7 percent annualised). The backend of the Nutmeg site is also in place. Until now, he says, he has prioritised ‘backend’ and back office functionality, and expects to accelerate projects and focus on front end and client interface issues.
During this process and Nutmeg’s increasing prominence, Mr Hungerford admits he has felt a growing sense of responsibility toward society - to solve the lack of pensions savings, to educate people and to democratise wealth management.
“With everything we do here, I feel there is more we need to do and there is an expectation on us to solve problems,” Mr Hungerford told thewealthnet. “(In the beginning) We had a problem to solve - people were either faced with DIY or traditional advice.
“We had this problem and we did six months of user experience tests. We found that low, medium or high risk portfolios are not the answer - actually people are focussed on life events and understand this as meaningful, engaging and personal. It is why we spend so much time watching and observing, learning what people's needs are.
"In my view we are one percent of the way we are going. I hope the next 99 percent doesn't take as long and delivery speed should improve. We have spent a lot of time on the backend and I hope now to spend more time on the front-end. We are past being a start up wondering where the next lunch is coming from but we are still very hungry.”
With robo advice, although Mr Hungerford notes that “to us as digital natives, it is just advice,” Nutmeg is looking to learn from traditional wealth management by recruiting advisers