Digital investment tools will attract Gen Y

Digital investment tools provide financial advisers with the capacity needed to attract and engage younger clients while maintaining cost efficiency, according to SelfWealth.

Digital investment tools will attract Gen Y

tlewis

Last Updated: 28 September 2015 Published: 28 September 2015

Speaking to Adviser Innovation, SelfWealth founder and managing director Andrew Ward said digital investing tools help advisers grow their relationship with younger clients over time.

Mr Ward added that digital tools also cater to clients who want to be self-directed investors but still wish to receive some form of traditional financial advice.

Digital investing also "means that the financial planner makes more profit because they're [only] getting charged for their time, [as] there aren't any fees being dished out by platforms and fund managers".

"The client ends up heaving a more seamless experience, and a cheaper one," he explained.

He added that digital investing tools should be seen as a compliment to traditional financial advice rather than a disruptor.

Mr Ward also pointed out that SelfWealth is gaining traction on two fronts, with both advice firms and super funds.

"Industry super funds are setting up member direct options where you can buy and sell direct shares through your industry super fund," Mr Ward added.

"There are a lot of Gen X and Gen Y signing up to that because they want to touch and feel their super, and not wait until they're 65."