Rise of digital financial advice platforms concern for wealth firms
Financial advisory firms should be concerned about the rise of digital financial advice platforms as they gain popularity, says data and analytics company GlobalData.
According to GlobalData’s 2018 UK Independent Financial Adviser (IFA) survey, only 6.3 per cent of independent financial advisers were concerned about client-facing robo-advice.
Given that robo-advice could no longer be avoided by the largest wealth management firms, independent financial advisers should not be oblivious towards the innovation.
Sergel Woldemichael, wealth management analyst at GlobalData, said the launch of GlobalData’s independent advice platform MyEva is an example of something that would help compete in that space.
‘‘Both our Mass Affluent and Global Wealth Manager surveys show strong appetite for digital services with access to a human advisor, especially among younger generations,” Woldemichael.
MyEva was a fully regulated, hybrid digital independent advice platform introduced by UK fintech Wealth Wizards in July 2019.
AUTHOR
Chris Dastoor
Recommended for you
Lonsec Research and Ratings has appointed a head of sales, completing the leadership team to boost its reach with financial advisers.
Allianz Retire+ has announced major leadership changes with the appointment of a new CEO and distribution heads to help expand its presence across the wealth channel.
The RBA assistant governor (business services) is set to speak at the Women in Finance Summit 2025, taking place this November.
Momentum Media’s wealth publishing network is pleased to announce the launch of the annual Australian Wealth Management Summit 2025.
