AJ Bell wades into commission-free retail investing space and plots launch of new app ‘Dodl’
AJ Bell has today announced it is wading into the crowded low-cost retail investing space with the planned launch of a new “easy to use” app called Dodl, to sit alongside its existing consumer platform Youinvest.
In an effort to compete with the lowest cost investment platforms in the market and attract first-time investors, Dodl will offer users an annual charge of 0.15 per cent and no commission for buying and selling investments, with a £1 per month minimum per account.
Dodl’s app-only offering will give users the option to choose between opening an individual savings account (ISA), a lifetime ISA, and a pension and general investment account.
Customers will also be able to set up regular investments and integrate their existing ISAs and pensions onto the platform.
After its adviser platform saw new users surge this year, the firm’s new app Dodl will provide users with in-app information to help guide their investment decisions.
People will be able to pay money in to accounts via Apple and Google pay, as well as debit card payments and direct debits, and the new app will cater for “the vast majority of investment risk appetites” through several options within its simplified investment range.
This will include a range of popular shares in UK listed companies, and some US companies in the near future. It will also offer a range of “themed investment”, including funds focusing on core areas such as technology, robotics, healthcare and responsible investing, the firm said.
Dodl’s fund range will also include AJ Bell’s existing low-cost multi-asset funds, which cater for six different risk levels, along with AJ Bell’s Responsible Growth fund, for people who want to invest with a responsible focus.
The new app will launch early next year, the FTSE 250 firm said.
“Dodl by AJ Bell is for anyone looking for a low-cost, easy-to-use investment app to help them meet their investment goals such as saving for a house deposit, holidays or retirement,” said CEO Andy Bell.
“With a low annual charge of 0.15%, no trading commissions and all the main tax efficient products, Dodl will be amongst the cheapest and best value investment platforms in the market.”