Digital IFA disruptor Fintuity has appointed a new chief operating officer and expanded its IFA team by 60% as it prepares for the launch of its virtual adviser proposition.

The firm has appointed Tony Beaven as its new chief operating officer.

He was formerly CEO of Australian Financial Planning firm Elders Financial Planning.

He has been brought on board to transform the internal and external expansion of Fintuity which aims to become one of the UK’s leading providers of independent financial advice.

The firm has also appointed Chartered adviser Luke Brooke, Ian Watson and Ruth Arnett ahead of the launch of its virtual advice offering.

Mr Beaven said: “The sheer demand for online financial advice services is testimony to the economic bounce back that we are seeing post-lockdown. With regard to this we have not only raised additional funding in readiness to launch a unique virtual adviser offering, we have also significantly expanded our advice team to meet this new demand & achieve our mission statement of closing the UK’s advice gap – I look forward to working with the newly appointed IFA team to deliver real value and optimum support for our customers.”

The digital IFA disruptor Fintuity has now raised over £2m to develop solutions to extend financial advice and attempt to close the UK’s financial advice gap.

Fintuity raised the funds to further developer its UK technical platform to offer practical AI-driven advice through its Virtual Adviser.

The Virtual Adviser, currently in development, will match the client circumstances with bespoke financial products and a roadmap strategy to help optimise their portfolio.

The funds were raised through a number of investment rounds.

The firm said it sees the funding and its associated planned technological developments as “a major step forward in tackling the UK’s growing advice gap.”

Over the past year, Fintuity has been delivering advice to customers who have embraced digital advice and NHS workers.