AJ Bell has launched an investment app Dodl by AJ Bell with the aim of making investing “easier and more accessible to everyone”.
The move was first announced in November 2021, with the company aiming to unveil the service in the first half of 2022.
Dodl has an annual charge of 0.15% of the value of the portfolio for each investment account, with a minimum of £1 per month for each account.
AJ Bell said there will be no commission for buying or selling investments as well as no tax wrapping fees. Those who invest in funds will also pay the annual fees of the underlying fund as usual.
The company said it wanted to create a “no frills” service designed to be easy to use “regardless of investment experience”, with a streamlined product lineup so as not to overwhelm investors.
The move follows the Financial Conduct Authority (FCA) report which found that the 8.6 million adults in the UK hold more than £10,000 ($13,200, €12,000) of investable assets in cash , but they leave it as it is because they find the investment scary.
Dodl and its investment range aim to attract longer-term investors rather than day traders and hobbyists, already served by AJ Bell Youinvest, the company said.
Customers will be able to open an Isa, Lifetime Isa, general investment and retirement accounts through the app. They will be able to choose from 30 funds and 50 UK stocks, with trading once a day.
Those looking for out-of-the-box solutions will be able to access AJ Bell’s multi-asset funds tailored to six different risk levels.
While clients looking to invest in sustainable and ESG-focused companies will be able to put their money into the AJ Bell Responsible Growth fund.
If they’re more interested in specific markets, AJ Bell said Dodl offers 23 funds focused on the world’s major stock markets and specialist themes such as technology, robotics, healthcare and real estate, vendors investment such as Blackrock and Vanguard.
While for clients looking to invest in brands, they can choose between 50 stocks in UK-listed companies, with US stocks to come, the company added.
Andy Bell, Managing Director of AJ Bell, said: “Investing doesn’t have to be scary. When developing Dodl, we focused on removing jargon, making it easier and faster to open an account, and narrowing the range of investments clients can choose from. It also has a simple and very low annual charge, with no commission for buying or selling investments.
“This combination of simplicity and value makes Dodl a great option for anyone looking for a low-cost, easy-to-use investing app to help them achieve their investing goals. The simple investment journey and Simplified Investment Range will especially appeal to those new to investing who want a simple way to manage their investments.”