The business, called , is being set up by investment professionals Ian Cadby and Jonathan Wauton. The online wealth management service is designed for private investors and institutional partners (private banks, wealth managers and financial advisors).

There are three portfolio choices available for clients. Core portfolios (£10,000 ($13,300) minimum) are made up of exchange-traded funds. Smart portfolios (£10,000 minimum) are made up of the ETFs and actively managed funds, which are hand-picked by Tiller’s investment team. Lastly, select portfolios (£100,000 minimum) are personalised for each individual – and customers can choose from a list of 20 themes – made up of regions, classes, sectors and ethical choices.

Anyone with a UK bank account is applicable; funds are only available in sterling but there are plans to launch US dollar and euro versions in the next few months. Users will be given a risk profile from a range of five after answering 10 questions to measure their risk appetite. They will also use lump-sum, monthly contribution, target value and timeframes as parameters to assess their portfolio. 

Tiller will offer portfolio breakdown, returns with projections and quarterly reports which are customised to what the customer wants to see, once customers have signed up to the platform.

“We are professional investors who saw an opportunity to embrace technology rather than technologists who saw an opportunity in the world of wealth management,” said co-founder Cadby, who has spent 30 years in the financial services industry. “We have developed a fusion of talent, techniques and technology that is a leap forward to the next generation of online wealth management.”

The firm announced that they have secured their first business-to-business deal with a financial institution for its solution, and is looking for business from private investors and institutional partners.

Tiller is regulated by the UK watchdog Financial Conduct Authority.