Barry Lambert invests in Ignition Wealth
Count Financial founder and chairman, Barry Lambert, has thrown his support behind robo-adviser, Ignition Wealth, by investing $1 million in the firm.
The firm said Lambert supported the robo-advice industry as he saw a need for a low-cost solution.
"Investors are in desperate need of a low cost accumulation and advice vehicle for SMSF [self-managed superannuation fund] and non-super advice. Ignition Wealth is such a vehicle," Lambert said.
"Substantially improved efficiency, along with more direct and low cost ETF [exchange traded funds] investments, are the only way to meaningfully reduce the cost to investors of advice."
Lambert believes advisers could use robo-advice to attract and grow C and D financial advice and transaction-only clients, until it becomes viable to convert them into full service clients.
Ignition Wealth chief executive, Mark Fordee, said: "We are delighted to add Barry Lambert's extensive experience and financial services industry wisdom to Ignition Wealth. His contribution as an investor and mentor is invaluable".
Lambert said increasing compliance burden made it vital for the industry to reduce advice costs and make advice accessible to more clients.
Lambert sold Count Financial to the Commonwealth Bank in 2011 for $373 million. He also remained the chairman of Class Super, which was the preferred third party software service provider for Count.
AUTHOR
Malavika Santhebennur
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