We think this is a major advantage of our system. I actually need to put some money in from another asset.’Ī pure financial system can rebalance equities and asset classes, but it can’t factor in your personal goals.
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With our system, you can say ‘hey, i need X thousand dollars to get back on track. Let’s say you’ve got a college education fund, and it’s gone down. So, with our platform, you can rebalance around both listed and unlisted investments, but we’ve taken it a stage further: you can rebalance around your goals, too. We’ve broken it down to four main pages with only the key information – the basic price, the fees, a performance graph.īut we also want to replicate the intelligence of the technologies I’ve mentioned. Often, these documents are 70 pages long. If you’re advising on a switch to a new product, our platform can offer an instant assessment on a five-year performance, the fee differential, and then assess whether it passes the ‘client best interest’ test.Īnother example is the product disclosure statement.
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We’ve automated as much as possible in the back office, lowering the cost of service. We deconstructed all the standard wealth management workflow processes and got to the core elements that people actually use. Our goal is to replicate this experience, and reduce the gap between the specialists and the client. Note that Apple’s press release announcing the changes points out that, Jony Ive will provide leadership and direction for Human Interface (HI) across the company in addition to his role as. People are using amazing technologies in their daily lives, like google and the iPhone. When Jony Ive and Steve Jobs took the BlackBerry and decided to put their own keyboard on the screen, they made their product more usable – by taking something away. One of our real inspirations was Apple, and the concepts of ‘subtraction’. We found that many financial products had been developed under more complex regulatory environments, and a more client-centric option was needed. We’re technologists first and foremost, and that allowed us to examine the problem from a neutral standpoint. The real complexity lies in engaging with clients and helping them understand products and services. Things that RIAs and fund managers used to worry about – the portfolio system, for example – are now commodities. The institution hadn’t even been looking at the client outcome.īut we’re also seeing a deeper trend, what we call a complexity shift. One story was that an elderly lady has deposited a large sum of money as a risk management strategy, and over 10 years the fees had actually outstripped the interest.
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Well the immediate trigger was a report by an Australian Royal Commission report last year, which highlighted the fact that across financial services, the customer had been forgotten.