Fresh developments in Fintech (finance technology) are making managing your money and growing your wealth both easier and more interactive than ever before. The Nutmeg stocks and shares ISA, launched last month, is one brand new example of the products currently leading the pack and rewriting the future of savings and investment.
Today we’re taking a closer look at how a fresh approach to saving and investing is changing how we manage and grow our money – and what the future could hold for stock and shares ISAs – by investigating the products at the forefront of finance’s big technology update…
The brainchild of former Exeter University graduate, Barclays Wealth employee and successful stockbroker Nick Hungerford, Nutmeg is a technologically advanced product, opening up smarter finance and savings to all.
Alongside their new stocks and shares ISAs, the company operate a number of other services, all using the clear and intuitive Nugmeg application to make clients’ finances not only accessible but also interactive, transparent and flexible.
We’ve all heard buzzwords like “transparency” and “flexibility” spouted by high street banks and payday lenders alike over the years, but services like Nutmeg’s may be the first wave that truly live up to the hype. This post featured in the Mirror demonstrates the sort of hands-on, easy-to-use and simple-to-monitor system now available to all aspiring savers, from first time users to old hand investors.
An easy introduction
The inspiration behind Nutmeg’s new ISA came from the many people co-founder Hungerford spoke to who were keen to make more of their money, but didn’t have the funds to get on the radar of traditional wealth management firms.
As is so often the case “you have to spend money to make money”. With substantial fees, these wealth management options were not just inaccessible but also unaffordable, creating a glass ceiling for many consumers keen to grow their finances intelligently.
Nutmeg and other services of its ilk are a breath of fresh air in this regard. Anyone can set up a stocks and shares ISA with the company, provided they have a minimum investment of £1000 and can commit to monthly contributions of £100. For portfolios of £5000 and above, there is no minimum monthly contribution. This makes is possible for almost everyone to start seeing better returns on their money, irrespective of their wealth, connections or experience.
Clarity and usability
Using this kind of fine-tuned Fintech, the average user can contribute flexibly, set and adjust their desired level of risk, withdraw their funds at any time and monitor the performance of their ISA (and Nutmeg’s overall portfolio) 24/7. With no lock ins, no minimum investment periods and helpful tools which help you save to reach specific personal goals, consumers can enjoy total freedom of choice and control over their money, in a system developed to offer a chance of far better returns than the average cash ISA.
With technology opening smarter saving and investment up to a broader client base, the future could see more of us making more of our finances with these systems, inspired by the surprisingly democratic world of Fintech.