Tech & Tonic: digital bank roosts offline and young advisers chirp

Photo by  Andy Holmes  on  Unsplash

Photo by Andy Holmes on Unsplash

Starling spotted roosting in Post Office

In a move that expands the growing trend of offline combining with online, digital bank Starling has struck up a deal with Post Office, allowing its customers to withdraw and deposit cash at all 11,500 Post Office branches. 

The company made the move after ‘listening to its customers’. While it’s true that cash-only businesses (window cleaners, street vendors, etc.) do still need to deposit cash, a more discerning eye might posit that the digital bank has set its sights on an older target audience, one that still lives and breathes cash. If that is the case, it could be a strategic boon for the firm following the widespread closure of high street banks and free-to-use ATMs.

Nutmeg grates on Money Marketing

Earlier this month, robo-advisor Nutmeg introduced an additional personal financial advice service for its customers, costing £350.

While on the surface the move looks to be helpful – the company states the add-on further ‘democratises wealth management’ – founder of Inspired Money and columnist for Money Marketing Nic Cicutti was not impressed.

While an ardent fan of Nutmeg’s general offering (Cicutti likes the simplicity of the service), he’s not a fan of the new service, one that charges customers for the privilege that he claims is merely a verbal version of the existing online service.

Cicutti’s issue is that he doesn’t feel the advice offered is holistic enough, only offering Nutmeg’s in-house funds and not issuing advice in the ‘proper’ sense, addressing the complex decisions faced by people in much more personal contexts, including tax, death and divorce.

NMA honours young financial advisers 

New Model Adviser has announced the Top 35 Next Generation Advisers 2018, a list of young financial planners making waves in the profession.

With a well-rounded mix of winners from smaller firms such as boosst financial and larger firms including Raymond James and Mazars, NMA notes that the list falls short when it comes to women winning, due to a much smaller pool of female submissions.

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