Tom Ellis: Commission-based advice is back? How words can confuse

Advice or guidance?

Tom Ellis
clock • 10 min read

Financial planning app Multiply may have you thinking 'free', commission-based advice is making a comeback this summer. But, writes Tom Ellis, this story of a confusing three days paints a rather different picture

When I received a press release on Monday saying financial planning app Multiply had been approved by the FCA and was going to put "a full personal financial adviser in everyone's pocket", you can imagine I was more than intrigued. In fact, the firm says its robo-adviser would be the only app to explore "your whole financial life across a wide range of products - from pensions and investments to savings and insurance". So confident of its disruptive potential, it even offers a dig to human financial advisers, saying it would review your financial situation every time your life changes...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Technology

Emotional support: Why AI cannot replace an adviser's crucial role

Emotional support: Why AI cannot replace an adviser's crucial role

'AI cannot give clients what they seem to value the most from a financial adviser'

Louis Williams
clock 03 March 2025 • 4 min read
Providers must rethink digital strategies to better engage female clients

Providers must rethink digital strategies to better engage female clients

Research released ahead of International Women’s Day

Sahar Nazir
clock 03 March 2025 • 3 min read
The great wealth shift: Embracing AI to engage multiple generations

The great wealth shift: Embracing AI to engage multiple generations

'The role of the financial adviser is evolving'

Tessa Lee
clock 26 February 2025 • 4 min read