Open Advice raises investment from Symvan Capital

Date: 25 Apr 2023

Vicente Luckina Bunn

The hybrid advice platform looks to make financial planning more widely available through automation.

Open Advice, a hybrid-advice platform set up to enable advisers to help close the advice gap, has raised a total £250,000 investment including £100,000 from the founders and £150,000 SEIS from Symvan Capital, a leading early stage seed and growth stage venture capital fund manager.

Launched in November 2022, Open Advice was founded by Anthony Villis and Robert Caplan, directors, B Corp financial planning company First Wealth, along with brothers Charlton and Elliott Santana. Using pioneering technology, Open Advice aims to make financial planning more accessible and digitally engaging by automating onboarding, financial planning and investing.

Open Advice plans to use the investment to support its ambitions to build an entire ecosystem that enables clients to complete tasks in one place: from accessing financial plans and managing investments to opening an ISA and generating valuations and compliance reports. Its technology can be white labelled for other advice firms.

The funding will fast-track Open Advice’s plans to help advisers build relationships with the next generation of clients, using software to automate some of the planning journey alongside data and algorithms to suggest advice based on probability of outcome, removing bias and subjectivity. As it evolves, Open Advice plans to build its evidence-based model using data for modelling to help advise clients more effectively based on their life goals. This will all be delivered via a client facing app.

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