AJ Bell, which is the United Kingdom’s second-largest listed investment platform, is jumping onto the commission-free bandwagon with its plans to launch a new mobile-based investment application.
Dubbed Dodl, the platform will offer zero-fee services and is expected to be launched in the first half of 2022. However, the app will charge 0.15 percent of the total valuation of the portfolio annually.
“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 AJ Bell CEO, Andy Bell.
Initially, the app-only investment platform will offer trading with UK-listed company stocks, but it has plans to add US stocks as well.
Targeting the Retail Investors
With the new platform, the traditional stockbroker will be competing with popular fintechs like Freetrade and a few other players that became popular with commission-free services. The primary target of Dodl will be the new generation of investors that have spawned recently and have become a major market to be tapped.
“The intuitive investment journey and streamlined investment range will appeal particularly to those that are new to investing and want a simple way to manage their investments,” Bell added.
“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. Our friendly monsters will guide people through the investment process with no jargon and introduce them to an investment range that is easy to choose from and caters for the investment needs of the majority of people.”
