Financial Planning firm Symphony is to launch a free, non-advised digital investment management service to compete with robo-advice competitors.

The service, using a white label provider, aims to tackle the growing threat of low cost robot advice and re-engage dormant clients lost after the Retail Distribution Review (RDR). West Yorkshire-based Symphony has launched the service, rebranding a white label service from a new firm called FinchTech.

Ian Walmsley, director at Symphony, said: “We see the world of financial services changing dramatically and we are excited to use FinchTech for the various connections we deal with in the public and private sectors, where new clients of all ages seek financial services direct.”

In December 2012, the Retail Distribution Review (RDR) was introduced and paying commission to advisers for selling a retail investment product was banned. Additionally, advisory firms had to clearly disclose whether they offered independent or restricted advice and advisers were required to meet certain professional standards.

Lester Petch, chief executive of the new service called FinchTech, said: “Following RDR, financial advisers have been forced to consider the position of clients that fall below a particular investment threshold.

“In a 2016 Association of Professional Financial Advisers report, 69% of surveyed financial advisers said they'd had to turn away potential clients in the last 12 months. These clients either remain unserved or engage with robo advisers with no long-term proven performance.

“Our white labelled platform can be rolled out in as little as two weeks and helps IFAs re-engage customers who have remained dormant since RDR, while fighting back against robo-creep.”

The white-labelled solution FinchTech has been developed and is managed by TAM Asset Management, a discretionary portfolio management firm.

Four mainstream investment portfolios and four socially responsible investment portfolios are available via FinchTech. There is no charge for the white-labelled service and FinchTech advises IFAs to charge a platform fee of 0.25% to 0.50%.