Robo-advice and digital investing attack the wealth management industry – SelfWealth at the forefront

Robo-advice and digital investing attack the wealth management industry – SelfWealth at the forefront

Australia has only seen the beginning of digital disruption, with gains in robo-advice and digital investing set to “attack” the wealth management industry, says The Fold Legal.

Claire Wivell Plater, managing director of The Fold Legal, warns of self-directed investment tools such as SelfWealth, that allow individuals to view and follow portfolios created by investment professionals.

“It enables individuals to compare themselves to their peers, professionals and the market, to rank their portfolio with a safety ranking and use that knowledge to improve their portfolio performance – all for $19.95 a month,” she said.

“[This is] completely bypassing fund managers and financial planners.”

Ms Wivell Plater added that this digital disruption is happening because of changes in consumer behaviour, which are putting more pressure on traditional financial service providers.

“Tomorrow’s consumer will be more demanding and less loyal to their financial institution, characterised by a desire for immediacy, valuing simplicity and transparency and expectations of a more personalised service,” she said.

As a result of the shift, Ms Wivell Plater said a more collaborative model of innovation in financial services has emerged, bringing together government, technology start-ups and investors.

“This is different to the traditional model, which typically sees financial institutions relying solely on IT vendors, as well as acquiring or funding start-ups to meet their innovation pipeline,” she said.

Share this article with your social networks:


Latest News

SelfWealth Screens

Start trading today from just $9.50

close