A new simplified robo-advice service is set to hit the market.

Intelliflo has this morning announced details of its fully online and automated Simplified Investment Advice, which is due to be available from this summer.

The cost of the service to clients will be determined by the fund charges within each investment solution, the Cofunds’ platform charge and the adviser’s own charge, which will be flexible to them, the company stated.

Charges will be “transparent so clients will be able to make an informed choice before using the service”, according to Intelliflo.

It is targeted at clients of advisers using the Intelligent Office Personal Finance Portal.

Nick Eatock, Intelliflo’s executive chairman, said: “We’ve designed our simplified investment advice service to give advisers a tool to service clients who want quick and easy access to investment options for reasonably modest amounts of money.

“Typically, these clients will not want or need face-to-face consultation with a qualified adviser – or the costs associated with personal advice - for these sorts of investment decisions and would otherwise go elsewhere. Offering a low cost, automated service that allows advisers to have an overview of activity and step in if and when it is in the clients’ interests to do so is a benefit to both end clients and advisers alike.”

The company is teaming up with Cofunds, which has been selected to extend its existing integration with iO for trading, execution and payment of ISAs and a General Investment Account.

David Hobbs, chief executive of Cofunds, said: “Following the publication of the FAMR we expect advisers to be even more focused on considering how they can use technology to reach out to clients with simple needs who can’t, don’t need to or won’t yet pay for advice.”

Advisers can choose from a suite of risk-rated default investment solutions as rated by Square Mile Investment Consulting and Research Limited.

The risk profiling tools have been developed in partnership with Oxford Risk.