Why we’re working with OpenMoney

Posted by TEBI on October 8, 2020

Why we’re working with OpenMoney


Here at The Evidence-Based Investor we are fiercely protective of our editorial independence. Nor do we accept payment from advertisers.

Our only agenda is to help investors achieve better outcomes and to campaign for a fairer, more transparent investing industry.

But good content needs paying for. That’s why, over the past two years, TEBI has developed strategic partnerships with firms that share our mission and determination to succeed.

One such firm is OpenMoney, and we are pleased to announce that OpenMoney has become our third strategic partner in the UK.


Financial advice for all

OpenMoney is based in Manchester and helps people to make sensible financial decisions. It gives them access to independent financial advice that they might others not be able to afford. It also provides simple, low-cost and evidence-based investment management.

Any money the company make is invested back into its staff, technology and  processes to make what it offers even better.

Similarly, any money that TEBI receives as a result of this partnership will be reinvested in producing and sharing the high-quality financial education content that people need.


Millions of people can benefit

Commenting on the new partnership, TEBI founder Robin Powell said:

“There are millions of people across the UK who would benefit from good financial advice, but for whatever reason don’t have access to it.

“As a result, many get caught in financial cycles that they struggle to get out of. OpenMoney is here to help those people.

“I’m full of admiration for the work they do and we’re delighted to be collaborating with them.”


The perfect fit

OpenMoney cofounder Anthony Morrow said:

“Having known Robin for several years, I’ve admired his commitment to improving the outcomes for investors by continually raising the issues of costs and quality of the fund management industry. This mirrors what OpenMoney is trying to achieve for financial advice and therefore working together seems like the perfect fit.

“OpenMoney shares with TEBI a complete focus on putting customer outcomes first and to improving industry behaviours by way of quality of advice, service and product.”


Steady growth

Although the so-called “robo-advice” sector is now very competitive, OpenMoney continues to see steady growth. The launch of its app in January this year and an increase in interest as a result of the coronavirus crisis have contributed to a large increase in clients.

But while Anthony Morrow is optimistic about the future for OpenMoney, he remains frustrated at the pace of change in the UK investing industry generally.


Long way to go

“I’d like to think we are moving in the right direction and we are certainly in a better place than we were, say, five years ago,” he says.

“But there is still a long way to go and the challenge of competing against deep-pocketed, long-standing incumbents, who are reluctant to change what has been a very profitable way of life, remains a real one.

“Whilst retail customers are still being flogged expensive, risky products without any protection afforded by advice, then the industry will continue to suffer from a lack of trust and professionalism.”

OpenMoney is TEBI’s third strategic partner in the UK. The others are the London-based financial planning firm, Bloomsbury Wealth, and the model portfolio service Sparrows Capital.

We also have a strategic partner in Ireland — PFP Financial Services, a financial planning firm in Dublin.



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