Let’s face it, the traditional way of delivering financial advice is overly complicated, inefficient and reassuringly expensive for vast majority of people. There, I said it!
Thankfully, technology is changing the way investment advice is delivered. IFP board member and former Ashcourt Rowan Financial Planning CEO Chris Williams is putting himself firmly at the forefront of that revolution in the UK. In this interview with Abraham Okusanya, Chris spoke about how his new firm WealthHorizon is set to take advantage of the opportunities to deliver online investment advice to the mass market.
Let’s be clear, Chris isn’t planning to be the next Hargreaves Lansdown. He thinks that the market for online execution-only services is overcrowded but there is very little by the way of proper online advice. WealthHorizon delivers regulated investment advice online, including assessing clients goals, risk profiling and portfolio recommendation. The entire advice process is automated, but client can speak to human advisers via telephone or email, if they want to.
I also asked Chris if regulation has been a barrier and what his experience with the regulator has been in the process of setting up the firm. He has some positive things to say about the regulator!
Chris believes that technology is more of an opportunity to financial planners than a threat but it require a rethink of how advice is currently been delivered.