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.
Recommended for you
Zenith Investment Partners has appointed an experienced research executive as its new group head of research following the departure of Bronwen Moncrieff.
The financial services technology company has appointed two non-executive directors following its AGM earlier this year, where it flagged it would embark on a board renewal process.
Several wealth management companies have been selected as finalists at the inaugural awards, which champions those who have transformed the Australian economy with their AI solutions.
Money Management’s sister brand Super Review is pleased to reveal that over 120 finalists will compete for trophies at this year’s awards.