The online MPS is for investors with over £20,000 to invest (or £9,000 for children within a Junior ISA) and will invest directly in individual equities, bonds and collective funds.

The MPS is available with Redmayne Bentley’s SIPP, ISA, JISA and general investment accounts.

The MPS Annual Management Fee is 0.6% + VAT with no platform or transaction costs for adviser introduced clients and 0.75% + VAT for direct clients.

The investment firm claims its MPS benefits from more active discretionary investment management than its rivals, enabling investors to access a portfolio service which is usually restricted to high net worth investors.

James Andrews, director and head of investment management at Redmayne Bentley, said: “We live in disruptive times, yet financial services and particularly private client investment managers have been slow to adapt and to move forward to meet the expectations around digitally led services.

“Providers that have forged ahead have done so with passive and low-cost offerings. We wanted to be different, and to bring a truly active and high-quality approach to the digital financial services market.”

The MPS also includes the Redmayne Bentley proprietary profiling solution.

The MPS has been run offline initially for the firm’s clients since September 2019.