The firm announced the change via a blog post which said that from early next year its advised service will be rebranded as OpenMoney.
Anthony Morrow, evestor’s chief executive, said: “Whilst we have customers who are comfortable making their own decisions and are looking for quality, low-cost investment management for their money, most people want to be told what to do and to be given advice about their financial situation.
“To deliver both a do-it-yourself investment platform and financial advice under a single brand has proved to be challenging. We are serving different messages to different audiences wanting different services, all under one roof.
“That’s why we’ve taken the decision to separate our advice service from our non-advised service, creating two distinct brands.”
He added: “From early 2019, our service providing financial advice to customers wherever they are on their financial journey, will take on the name ‘OpenMoney’.
“evestor will continue on as the business that provides low-cost investment management to those customers who don’t require advice and are happy to make their own decisions.”
Mr Morrow assured non-advised customers that they would see “no difference to your current services.”
He added: “The evestor brand will continue for you as our do-it-yourself, investment management platform.
“If you’ve received advice from us you will see no difference to the services we provide, they will simply be provided under a different brand, OpenMoney.
“This decision will allow us to provide even more focused solutions to the distinct customers of both businesses.”