Moneyfarm launches digital wealth solution for UK advisers.
We head over to the UK for today’s digest as the European digital wealth manager Moneyfarm has launched its digital wealth solution service in the country. It is intended to help financial advisers, banks, and building societies to serve smaller customers, engage the next generation and drive efficiency within the business. It can be white-labeled and aims to boost profitability alongside creating a high-value service for lower-value customers. The UK’s advice sector accounts for £514bn on platforms but the country is facing an advice crisis as millions of people with modest income are left behind. This comes as Moneyfarm believes advice firms may be missing out on a whole generation of clients — younger clients that typically have smaller pots.
As a result, the firm says its digital wealth management solution aims to address the problem. It will provide a simple digital experience supported by Moneyfarm’s investment experts who will deliver low-cost advice and portfolio management. Also, it will help advisers to acquire new customers and nurture existing relationships with lower costs and risks. Moneyfarm’s B2B service is tried and tested so high standards are to be expected with this latest offering. Its services are already embedded into the propositions of Poste Italiane, Unicredit’s Buddybank, and Banca Sella serving thousands of customers.