Who are OpenMoney?
OpenMoney are here to make financial advice both accessible and affordable to people, regardless of how much money they have. Financial advice has traditionally only been available to those who already have thousands of pounds to invest and the cost of the advice can be expensive.
OpenMoney was co-founded by Anthony Morrow and Duncan Cameron and now employs over 30 people from their office in Manchester.
Why did evestor change its name to OpenMoney?
When we launched back in 2017, we were running a financial advice service and a ‘do-it-yourself’ investment management service under one name, evestor.
As evestor grew and the services we offered to customers expanded we felt that evestor no longer accurately reflected all the services we offer.
We made the decision to split our services. Our ‘Do-it-yourself’ investment management services lives on under the name evestor. But, our financial advice service was renamed ‘OpenMoney’.
Our customers come to us for help across the whole financial journey from simply getting their finances under control to making long-term investment decisions; we feel OpenMoney enables us to talk to all of those people.
What's the difference between OpenMoney and other "robo-advisers"?
With OpenMoney, you’ll receive a recommendation based on your personal circumstances and how much risk you would like to take. This recommendation will explicitly tell you whether we think investing with us is right for you, and if so what you should invest in. We are authorised and approved by the FCA to provide financial advice, but not all robo-advisers are! Some of them will only offer you guidance, which means they might help you narrow down your options, but they can’t tell you what is best for you.
One of the other key differences between us and other robo-advisers, is that if investing isn’t right for you at the moment, we don’t just leave you there - we help you get your finances in shape, through our app. We will help you reduce your debts and build some cash savings, we can even help you see where you’re spending your money - and how you can save it!
How safe is my money with OpenMoney?
As with most investments, when you invest you are putting your money at risk. This means you might get back less that you put in. We manage this risk by ensuring the portfolio you invest in is right for your risk appetite and capacity for loss.
When you invest with OpenMoney, your money goes straight into a special bank account held by our product provider Gaudi. This bank account is protected by the FCA’s client money rules, which means that it is held separately from both our business and Gaudi. In the very unlikely event of OpenMoney, or Gaudi failing, we are also covered by the Financial Services Compensation Scheme, so your investment would be protected up to certain limits.
Similarly, when your money is invested into the funds, the investment - or ‘asset’ is protected under FCA client asset rules. Most of the funds we invest in are also covered by the FSCS. So, whilst you are putting your money at risk by investing, you can be safe in the knowledge that we are holding your investments safely, in the event of a firm’s failure.
When did OpenMoney launch?
OpenMoney was launched in 2017, originally under the name evestor. As evestor, we ran two main services; a DIY investment platform and a financial advice platform with an accompanying app. We decided to separate the two services, with the financial advice platform becoming OpenMoney.