Discretionary Funds Managers need to adapt to survive

Discretionary Funds Managers need to adapt to survive

A digital approach can see investment solutions more accurately reflect investor preferences, says exclusive paper released by Altus and Ignition Advice.

Financial services consultancy services provider Altus Consulting, in partnership with global technology advise provider Ignition Advice, releases today an exclusive in-depth study of how the financial services industry can capitalise on new technology to successfully deliver financial advice in the digital world.

Since the start of the COVID-19 pandemic, attitudes towards the use of digital capabilities have shifted. The paper highlights that the industry is poised for a significant transformation, and digital capabilities can be used to hyper personalise the advice process and engage with the next generation of investors.

Altus Consultant Sam Turner, who led on the production of the whitepaper, commented: “Business results have demonstrated that pure digital advice is a challenging proposition to deliver profitably. Customers need timely engagement, adequate coaching and the reassurance which comes with a human point of contact.

Several propositions now use technology to augment a human advice model rather than replace it. Our view is that new digital capabilities, including digital advice technology, will enrich the traditional advice model, not replace it as was originally envisaged.”

Terry Donohoe, Ignition Advice Europe CEO, added: “Financial advice is transforming into a “hybrid model”, where advisers’ skills are complemented by automation through digital intelligence. It frees advisers to focus on what they do best, drives greater customer engagement, and provides advice companies with the consistency of output they strive to achieve.”

The full whitepaper is available to download free of charge here.

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