Rise of digital financial advice platforms concern for wealth firms

15 August 2019
| By Chris Dastoor |
image
image
expand image

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.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 1 week ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 1 week ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 1 week ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks 3 days ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

3 weeks 1 day ago

Having divested its advice business in August, AMP is undergoing restructuring in at least four other departments amid a cost simplification program....

2 weeks 5 days ago