Dodl: AJ Bell launches new investment app for retail investors
AJ Bell has announced the launch of a new app-only investment platform, which he hopes will make investing easier and more accessible for retail investors.
The new service will be called Dodl by AJ Bell, and the company will aim to launch it in the first half of 2022.
It will compete with the cheapest investment platforms on the market, with an annual fee of 0.15% and no commission for buying or selling investments.
Dodl will offer an Individual Savings Account (Isa), a Lifetime Isa, a Pension and a General Investment Account.
Clients will be able to set up regular investments and consolidate existing ISAs and pensions on the platform.
People will be able to deposit money into accounts through Apple and Google Pay, as well as debit card payments and direct debits.
Dodl will give investors access to a streamlined investment suite with options to meet the vast majority of investment risk appetites.
Dodl will offer a range of popular stocks of companies listed in the UK, with US companies being added shortly after launch.
There will also be a range of thematic investments including funds focused on key areas such as technology, robotics, health and responsible investing.
The range of funds will also include AJ Bell’s multi-asset funds, which cover six different risk levels. And it will feature AJ Bell’s responsible growth fund, aimed at people who want to invest responsibly.
The new mobile app will be associated with AJ Bell’s existing consumer platform, AJ Bell Youinvest.
There will be a one-time flat-rate annual fee of 0.15% of the value of the portfolio for each investment account of a Dodl client, with a minimum of Â£ 1 per month per account.
There will be no commission for buying or selling investments and no tax wrapper fees.
For example, for every Â£ 10,000 invested in an Isa, the Dodl fee would be Â£ 15 per year.
Clients investing in funds will also pay the annual fees of the underlying fund as usual.
AJ Bell CEO Andy Bell said, âInvesting doesn’t have to be scary. Dodl by AJ Bell is for anyone looking for a low cost, easy to use investing app to help them achieve their investment goals such as saving for a home deposit, vacation or retirement. .
âThe intuitive investment journey and streamlined investment portfolio will appeal particularly to those new to investing and want a simple way to manage their investments.
âWith a low annual charge of 0.15%, no trading commission and all major tax-efficient products, Dodl will be among the cheapest and most advantageous investment platforms on the market.
“Our friendly monsters will guide people through the jargon-free investment process and present them with a range of investments that are easy to choose and meet the investment needs of the majority of people.”