Octopus, a British fund manager, has launched a restricted financial advice arm dubbed Octopus Wealth.

The new business will offer face-to-face advice while utilising technology. It will target younger customers who are new to advise.

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The launch follows similar moves by British online wealth manager, Nutmeg, which started offering personalised investment advice in October. Another wealth fintech, Scalable Capital, said it was introducing over-the-phone financial advice this year.

Octopus said their plan is in the early stages of development and operates with two advisers. These advisers tend to a few clients.

At the same time, Octopus is working on developing a factfind technology. The tool is said to facilitate client onboarding.

Octopus Group CEO and co-founder Simon Rogerson said: “It’s no secret, though, that there aren’t enough advisers in the UK. Too many people are going without the smart advice that could help transform their lives for the better, and we think that should change.

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“That’s the rationale behind our new business, which will use technology to focus on people who perhaps haven’t considered the need for financial advice before, but who could really benefit.”

The latest announcement comes shortly after the launch of the firm’s UK Multi Cap Income fund. The vehicle will invest in multiple businesses from the FTSE 100, through to mid and small cap equities.

Two years ago, Octopus launched its incubator and accelerator programme called Octopus Labs to nurture market-ready startups.