Nutmeg is the first "alternative way of building your portfolio" I've seen. A few years ago, when the solution was launched, I don't remember how I found it, but I've been following it's development ever since.
The principle is simple: get the users everything they get when they have a managed portfolio, but only by taking care of simple steps: investment goal, time horizon, expected return, etc. The rest is left to the company. Not very different from what a bank can do right? Except it's incredibly cheaper (3 times cheaper than private banks for example) and incredibly transparent.
Maybe I'll write something about portfolio management techniques some other day, but to summarise it: what Nutmeg does is not very different than what some banks do in that field. The interface with the investor though is really great. You feel you're in command.
Some people call it advanced advisory, some others, portfolio management. Who cares? The definitions dispute is interesting for old-school bankers only. The key point here is that there's a shift in the "balance of power" between private investors and their bankers. The former are wanting more empowerment, the latter are frightened about that... This is probably the greatest trend affecting the world of private banking in the years to come.