A new Bristol based online service aimed at self-managing investors will allow them to handle their share portfolio online with no commission.
Commfreefunds.com charges a £60 annual subscription fee for members but this covers transfers of existing funds as well as new purchases, sales and switches.
The service has been set up with Cofunds, the UK’s largest investment platform and is led by three prominent local businessmen.
Chief executive Barry Mumford has 26 years of experience as an IFA and manages some £20 million of investments for wealthy clients.
He said. “The difference with Commfreefunds.com is that we will be negotiating on behalf of our members, rather than owners or shareholders.
“As the business grows, any improvement in margin will go 100% to our members”
Well known Bristol chartered accountant Chris Sims is the financial director – a role he previously held with local firms Bakers Dolphin and Brandon Hire.
The marketing director is former journalist Don Whiting, previously with Harrison Cowley’s Bristol Office.
The three founding partners say they also want to encourage young people to save regularly and build their own capital base – so they have waived the £60 subscription for members under 18.
Young investors will pay no commission, no transaction charges and no subscription.
