Written by Jonathan Warren on 29 November 2018
Jonathan Warren: Can the digital wealth model ever be profitable?
As seen in Professional Adviser on 29/11/2018
If you’ve been reading up on the current state of play in the robo-advice industry, you’d be forgiven for believing that the market is unsustainable and unprofitable. But digital wealth managers’ low-cost, high-tech proposition caters for many customers, such as those who are unable to access more costly forms of financial advice – surely robo-advisers are in an enviable position? The recent losses reported by robo-advice firms are largely due to marketing spend, essential to build brand awareness, and high upfront and development costs. Coupled with this is the reluctance of baby boomers to change their habits and seek digital wealth managers; in response, firms are introducing a human element into their business models. So long as robo-advice providers can absorb losses in the short-term, they will be well-placed to cater to the millennial generations, which are set to account for 35% of the global workforce by 2020. The trick for these businesses is to stay in the game.
Improving treatment of vulnerable customers
Written by Sam Turner on 14 March 2019
The financial services industry is lagging when it comes to identifying and servicing vulnerable customers, putting them at risk of both regulatory and reputational damage. While some businesses seem to be making progress – writing vulnerable customer policies, training staff and adopting front-line techniques – there is still a lot to be done.
Altus Consulting joins Insurtech UK as consultancy partner
Written by Mark Andrews on 12 March 2019
Altus Consulting, a leading financial services consultancy, has officially become a partner of Insurtech UK, joining the first wave of associate members and partnership sign-ups of 2019. With the aim of becoming the definitive voice of the InsurTech community in the UK, the alliance has welcomed over 40 InsurTech start-ups since its launch in November 2018.