Blogs

 

in|Vest West Demos

Established in Sydney in 2013 and now also operating in the US and Europe, Practifi aims to deliver a new form of technology platform for advice businesses to run the whole organisation, not just part of it. This is a business management system that extends across an enterprise. Leveraging Salesforce as a platform for infrastructure and security, they have added 115 customer objects which can be deployed to meet a range of customer needs. The service is designed to accommodate multi-d

Ian McKenna

Ian McKenna

Littlefund - Targeting Generation Alpha

Littlefund - Targeting Generation Alpha

Day 2 at InVest West kicked off with Mimi Chan discussing her new gifting platform - Littlefund. Mimi who is currently heavily pregnant founded Littlefund in 2018.  The platform provides a new way of saving for millennials, which is designed to help them save for their children, the so called Generation Alpha and their future. Littlefund is a platform which allows family (via the family account) and friends (via the gifter account) to start saving for multiple goals in their GenA child

Jason

Jason

 

Why Personal Capital's hybrid advice model succeeds

At the first main session of the opening day of Invest West 2018, Suleman Din, technology editor of Financial Planning magazine had a fireside chat with Personal Capital CEO Jay Shah on how the company is progressing. This provided a fascinating snapshot of perhaps the most successful hybrid advice firm operating today. Shah highlighted that the firm has been a hybrid adviser from the start. Beginning in San Francisco, where I remember my first meeting with Shah and Personal Capital founde

Ian McKenna

Ian McKenna

 

Financial Engines - the elephant in the room

Positioned as the elephant in the room at Invest West, Ric Edelman (Edelman Financial Services) and John Bunch (Financial Engines) discussing how they have joined forces to build the USA’s largest RIA advice service. Self-proclaimed as the first of the robo solutions in the market, the proposition was built to help shift workplace 401K pensions from DB to DC plans and to help with fund selection and rebalancing.  330 registered financial advisers are currently serving more than

Jason

Jason

 

Fidato Wealth and Facet Wealth – a case study in migrating clients’ who no longer fit the profile of a fiduciary firm

How should an advisor with a fiduciary duty to their clients’ address client’s who no longer fit within the optimal client profile of the advisor firm? Facet Wealth has created a novel way to help advisor firms with clients who are no longer in their core customer segment by buying part of a firm’s book so the vendor can focus on growing their core target audience. Facet was established early 2016 when co-founder Anders Jones was motivated to find a solution to help the 8 million househol

Ian McKenna

Ian McKenna

 

MoneyLion - helping consumers better manage their money

Day one at InVest West, Bradley Leimer the Co-Founder of Unconventional Ventures talks to MoneyLion founder Dee Choubey. Founded in 2013 MoneyLion is a financial services app designed to help consumers better manage their money.   Their objective is to better understand personal finance using advanced technology in order to help cater to the 90 million Americans who struggle with their finances. Dee Choubey, CEO describes themselves as a one-stop shop for financial needs. To date, they

Jason

Jason

 

Wealthify deal fires the starting gun for the UK Robo Acquisition race

Today’s purchase by Aviva of a majority stake in Wealthify has significant implications for the whole UK robo advice community and wider personal savings market. This move by the world's 12th largest insurer and a major asset manager is far more significant than the previous investment by LV= in Wealth Wizards and other UK robo deals.  Aviva have a far greater degree of scale and partnerships that can be leveraged to the advantage of both businesses. Aviva have been a real

Ian McKenna

Ian McKenna

 

PFM meets AI and reinvents financial planning

New PFM techniques demonstrated at Finovate have the potential to facilitate totally new ways to help consumers get the savings habitat  Last week’s new expanded format Finovate shone, as always, a spotlight on a diverse wealth of exciting ways to use technology to enhance the financial services industry. One of the challenges of attending the show is there is so much to take in. Rather than try and address multiple areas in a single summary I’m going to break down my review of the show to

Ian McKenna

Ian McKenna

 

Artificial Intelligence first becomes the new normal in financial advice

This week I am in New York for the opportunity to see the very latest wealth technology innovations and to hear from several of the industry leaders who are transforming the way Americans access financial advice.  Now in its third year, the In|Vest conference provides a heady mix of powerful tech demonstrations and exceptional thought leadership. For me the big message on day one of the show was machine learning and artificial intelligence is now part of the emerging landscape. In wh

Ian McKenna

Ian McKenna

 

How artificial intelligence is changing WealthTech and who is delivering it

Honest. Constructive. Objective. No Bull. We all have a comfort zone at work. Topics which we could talk about until the cows come home. WealthTech propositions are my bread and butter, they sit very comfortably in my ‘safe place’. A number of new tools, ‘artificial intelligence’, ‘machine learning’, and ‘deep learning’, have rapidly crept into the WealthTech space.  These self-teaching systems are busy revolutionising many industries. WealthTech is no exception. You nee

Kerry Nicolaides

Kerry Nicolaides

 

FinTech vaporware! A dish I'm about to serve cold.

Honest. Constructive. Objective. No Bull. Never has a term rung so true.     Many loud, rambunctious and confident announcements have been made in the press and via social media the past six months about the launch of innovative, industry changing, kitchen sink inclusive, WealthTech propositions. In the hope that a new proposition will be well received and communicated to our audience, we are approached by these organisations, with much gusto, and told of the wonders of their to

Kerry Nicolaides

Kerry Nicolaides

 

Challenging conventional thinking - FinovateSpring 2017 (Day Two)

For me the outstanding demonstrations of the second day came from companies who were really throwing down the gauntlet to challenge conventional thinking and showing services that could transform major parts of the financial services industry in a very few years. These almost all focused on making more use of non-traditional forms of data to improve customer services, outcomes and achieve greater profitability. When considering these in this context it is important to recognise that Finovat

Ian McKenna

Ian McKenna

 

My Favourites from FinovateSpring 2017 (Day One)

The first day of this year’s Finovate Spring left me thinking I had witnessed a real lesson in how technology can extend financial inclusion to a level many traditional advice firms may consider inconceivable. The west coast Finovate show is always the one where you see the wackiest ideas, but it is also the event that stretches creative thinking the most, making it well worth traveling eight time zones. In one day I witnessed technology that can make profitable lending practical to people

Ian McKenna

Ian McKenna

 

Industry gurus challenge conventional thinking - coverage from Day 2 of T3

After the frantic pace of day one, T3 became more reflective during its second day. A range of key industry thought leaders provided challenge and analysis that put many of the previous day's announcements in suitable context. What follows is a summary of just a few of the key messages and insights shared. The tone was set by industry veteran Bob Veres www.bobveres.com  @Bobveres. Clearly unafraid of challenging conventional wisdom Veres began by pointing out that growth in the investment i

Ian McKenna

Ian McKenna

 

Stunned, amazed and in awe - a day of exceptional revelations at T3

The first full morning of T3 2017 saw a cacophony of announcements worthy of the opening 30 minutes of Saving Private Ryan. The morning seemed to encompass an endless stream of outstanding product innovation and stunning research conclusions, making a clear case for a very different future for how financial advice is delivered. Many of these warrant extensive analysis in their own right but I'll try and keep this summary concise and readable and focus on the highlights. First up Riskal

Ian McKenna

Ian McKenna

 

How do US advisor firms use technology, what are the latest trends? - Ian McKenna at T3, Orange County

This week's Technology Tools for Today conference in Orange County California got off to a great start yesterday afternoon with outstanding presentations from conference host and all round US advisor tech guru Joel Bruckenstein and Investment News associate publisher Mark Bruno each presenting key findings from recent research on the use of technology by American advisors. Bruno kicked off the session with a summary of key findings from the Investment News 2017 advisor technology survey. Th

Ian McKenna

Ian McKenna

 

A baptism of fire - Digital Wealth Insights launches.

Honest. Constructive. Objective. No Bull. "I've got this" - my final thought before I walked out my front door and faced the day we launched http://www.digitalwealthinsights.com/ At F&TRC usually they come to us. They pay us. They ask us to help them 'fix it', 'build it' or 'measure it'.  Not this time! With our new service we went to them. We told them. We are going to 'review it', 'compare it' and 'rate it'! I must give credit where it is due. 90% of organisation

Kerry Nicolaides

Kerry Nicolaides

 

The highs and lows of PFM'ing

Honest. Constructive. Objective. No Bull.   It was time!   To take on the PFM’s (Personal Financial Managers)   Personally, I've been most excited to get stuck into analysing these as they are best placed in helping me manage my family’s ‘financial baggage’. (By baggage I’m really referring to the husband’s constant care and attention for his bicycle)   Wikipedia defines Personal Financial Management as:   “Software that helps users manag

Kerry Nicolaides

Kerry Nicolaides

 

Wealthify, Moneybox and cheeky little chatbots

Honest. Constructive. Objective. No Bull   Nothing quite wakes you up like the dark mirrored recesses of Soho's Groucho club (inclusive of lewd phallic images on the walls) first thing on a Monday morning. Although Shawn Brayman (President & CEO of globalcash flow planning software supplier PlanPlus and the new miPlan+ robo advice engine) came close with his opening statements during the Algos4Robos seminar hosted by Finametrica.   "A new Robo-advisor is launched every th

Kerry Nicolaides

Kerry Nicolaides

 

Floating the FinTech boat

Honest. Constructive. Objective. No Bull Born in the early 1980s, I’ve been comfortably sitting on the fence between Gen X and Gen Me (Millennial), falling whichever way I need, depending on whom I’m speaking to. I’m having to learn to speak to people of all ages, less or more (or much more) intelligent than myself and with differing levels of corporate experience. This week has taught me a lot about the ‘true millennial’.          Fast thinking and fast to commit. They l

Kerry Nicolaides

Kerry Nicolaides

 

My Financial Life (part 3 of 3)

Our income, expenditure and debt define how we live our lives today, tomorrow and ultimately into future. Is it not crucial therefore to ensure that every person gets the management of these fundamental processes right before approaching any actual investment, protection or retirement advice? Consumer Debt The Office for Budget Responsibility identified that credit card debt in May 2016 was £2,397 per household. Based on an average interest rate and minimum payment this would take 25 y

Kerry Nicolaides

Kerry Nicolaides

 

My Financial Life (part 1 of 3)

Technology is bringing about one of the biggest storms to hit civilisation as we know it, the Digital Age, leaving in its wake significant changes to the way we engage in our daily activities and carry out our jobs.  Financial Services is fast approaching the eye of the ‘digital storm’. It’s hard not to get lost in the plethora and excitement of it all with  FinTech, Big Data, robo-advice and Chatbots all making their debut. Established financial service organisations preferring to wa

Kerry Nicolaides

Kerry Nicolaides

 

My Financial Life (Part 2 of 3)

Landscape of UK Automated Financial Services propositions  F&TRC’s DigitalWealthInsights.com team are actively monitoring over 130 organisations within the UK that are currently in various stages of developing their digital financial service propositions for consumers. Like most things in life we start at the beginning and continue our journey, progressing one step at a time, until we reach the end goal. So too should this be applied to our Financial Life. My Financial Li

Kerry Nicolaides

Kerry Nicolaides