OpenMoney, a low cost online financial advice service, has launched an automated annual review service to nudge clients to update their financial details, investment goals and risk preferences at least once a year.

OpenMoney says the move is to ensure that any recommendations they receive remain suitable and up to date.

OpenMoney customers will be prompted in future to complete the review process online once a year to ensure they update their circumstances at least annually.

Along with confirming existing details, customers will be reminded to add details about life changes such as having a baby, buying a house or getting a pay rise.

If the customer then wants to speak to someone about their investments, they can book a telephone appointment with the firm’s qualified advisers at no extra cost.

The annual review, along with all ongoing advice, fund and administration costs, is included in OpenMoney’s total annual fee of 0.5%. OpenMoney’s total fee includes up to 0.15% in fund cost, 0.25% annual management fee and 0.10% administration fee.

Anthony Morrow, co-founder of OpenMoney, said: “Our latest Advice Gap online research with YouGov found that over a fifth of British investors (21%) review their investments less than once a year, including one in 10 who never do so.

"Advisers understand the importance of regularly reviewing the client’s financial situation, investment goals and risk preferences to make sure the recommendation remains suitable as circumstances change and evolve over time. But not every investor is willing or able to meet their adviser in person every year.

"At the same time, the cost of delivering face to face advice services means it’s often not worthwhile for traditional firms to take on clients with simple needs and low investible assets.”