AJ Bell PLC (LSE:AJB), the wealth management platform, is to launch a new flat fee-based and commission-free investment app.
The new app, known as Dodl, will initially offer UK shares, funds and tax wrapper products and enable investors to set up regular investments and consolidate existing ISAs and pensions.
Overseas shares will be added later said the wealth manager.
Charges on Dodl for each investment account will be an annual fee of 0.15% of portfolio value with a £1 per month minimum.
Andy Bell, chief executive of AJ Bell, said: "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.”
Dodl is scheduled to launch during the first half of 2022, though people interested in an account can register now.
Wealth manager AJ Bell is one of the largest investment platforms in the UK with assets under administration of £72.8bn and 382,000 customers at the end of September.