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.

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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.

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