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Octopus Choice goes into pilot!

Posted on 22/04/2016, by Stuart Sheppard

Another important milestone for Octopus Choice: this week we launched the product into pilot with our community of financial advisers.

We at Octopus have a proud history of working closely with financial advisers. Since we were founded back in 2000, we have built strong relationships with thousands of them from around the country.

So why now? Well, the growth of online lending shows no sign of stopping.

The government’s recent launch of the ‘Innovative Finance Individual Savings Account (ISA) has surely confirmed its entry to the mainstream market. And it has also recently become an area that all qualified financial advisers are now automatically permitted to advise on.

Yet despite this, it’s an area that’s currently being overlooked. Uptake by the adviser community has so far been limited, and many remain skeptical of the opportunity.

It’s hardly surprising. Though many of the new players in this space are fantastic businesses with fantastic products, they don’t have the long-term track record and established credibility that financial advisers need to be able to confidently advise their clients to use them.

We want to change this. Not only do advisers know us well – we also think they’ll take confidence in the fact that we’re investing in each and every loan, and protecting investors’ money with our own. After all, there’s nothing quite like putting your money where your mouth is.

But more than that, we hope that by working closely with the financial adviser community – by taking them on the journey with us – we can build a product that they’re proud to recommend.

So over the next six to eight weeks, we’re going to be asking advisers to trial the product and tell us what they think: what they like and don’t like, need and don’t need, and how it can be improved.

We think it amounts to the first meaningful move to engage the adviser community in the development of this fast-growing market, and will allow them to play a central role in shaping it as it continues to grow. And we think it’ll result in a much better product: one that adds real value to advisers, and solves real needs for their clients.

It’s all part of that same ambition that’s defined us over the last sixteen years: to create smart, simple solutions that help people to make their money work harder.

You can check out some of the media response to the pilot here.