SEARCH

UK robo-advice firm sets sights on Aussie market

UK robo-advice firm sets sights on Aussie market
UK-based robo-advice firm WealthObjects has said the take-up of automated advice solutions will fundamentally change the way advice is delivered, with the company eyeing Australia as an expansion destination.
WealthObjects founder Uday Nimmakayala said the firm - which launched in October 2015 - is currently targeting the institutional market in the UK and Europe, with a long-term view to enter the Australian wealth management space.
Mr Nimmakayala told Adviser Innovation that the company offers institutions three automated advice models. Most notably, this includes an advice and investment proposition, where the tool can provide both financial advice and investment recommendations, replicating the service an IFA usually provides.
"This is a fundamental change in how you actually view an adviser. You will actually know you don't need an adviser up to a certain point," he said.
As with many robo firms, Mr Nimmakayala said this capability allows institutions and their advisers to serve a segment of the market that is currently un-advised.
Institutions can use a robo-advice tool to gain clients that are currently "less profitable", waiting until they reach a wealth point where they become attractive from a business perspective.
According to Mr Nimmakayala, automated solutions also serve a "completely different sect" - high-net-wealth millennials.
This group, he noted, is "born in the digital age where they want to see supremely customised tools".
The desire for customised and digital wealth management tools, he added, points to the fact that financial advice will move towards a hybrid model, changing the way it is delivered.
"[Clients] will always need people on the other end, but they will also be served with a completely digitalised and customised proposition."
Mr Nimmakayala said the take-up of automated solutions by banks, and therefore their advisers, will reduce the cost of financial advice across the market.
"The fees are going to be obviously low because you're not going to have people caught in running this automated stuff," he said.
He concluded that robo-advice will become normalised within the management industry. Once institutions invest in their own solution or partner with a robo firm, the process of normalisation will begin, creating pressure on small advice firms to do the same.
"That's where the world is going anyway, that's what's happening in the UK and we hope that's going to start across the globe," he said.
Subscribe to our Newsletter
We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians
Your email address will be shared with nestegg and subject to our Privacy Policy
latest articles
OUR PLATFORMS AND BRANDS
- Accountants Daily
- Accounting Times
- Adviser Innovation
- Australian Aviation
- Broker Daily
- Cyber Daily
- Defence Connect
- Fintech Business
- HR Leader
- Independent Financial Adviser
- Investment Centre
- Investor Daily
- Lawyers Weekly
- Money Management
- Nestegg
- Property Buzz
- Real Estate Business
- Smart Property Investment
- SMSF Adviser
- Space Connect
- Super Review
- The Adviser
- Wellness Daily
- World of Aviation
EVENTS AND SUMMITS
- ACE25 The Accounting Conference and Exhibition
- Adviser Innovation Summit
- Australian Accounting Awards
- Australian AI Awards
- Australian Aviation Awards
- Australian Aviation Summit
- Australian Broking Awards
- Australian Cyber Awards
- Australian Cyber Summit
- Australian Defence Industry Awards
- Australian Law Awards
- Australian Law Forum
- Australian Space Awards
- Australian Space Summit
- Australian Wealth Management Awards
- Australian Wealth Management Summit
- Better Business Awards
- Better Business Summit
- Broker Innovation Awards
- Broker Innovation Summit
- Budget Summit
- Commerical Finance Awards
- Corporate Counsel Summit
- Defence & National Security Workforce Awards
- Fund Manager of the Year Awards
- ifa Excellence Awards
- Lawyers Weekly 30 Under 30 Awards
- New Broker Academy
- Partner of the Year Awards
- Partner Summit
- REB Awards
- Rising Star Awards
- SME Bootcamp
- SMSF Technical Strategy Day
- Super Fund of the Year Awards
- Women in Finance Awards
- Women in Finance Summit
- Women in Law Awards
- Women in Law Forum
LEARNING AND EDUCATION
MOMENTUM MARKETS NETWORK
LINKS
STAY CONNECTED
Subscribe to the Adviser Innovation eNewsletter.
OUR PLATFORMS AND BRANDS
- Accountants Daily
- Accounting Times
- Adviser Innovation
- Australian Aviation
- Broker Daily
- Cyber Daily
- Defence Connect
- Fintech Business
- HR Leader
- Independent Financial Adviser
- Investment Centre
- Investor Daily
- Lawyers Weekly
- Money Management
- Nestegg
- Property Buzz
- Real Estate Business
- Smart Property Investment
- SMSF Adviser
- Space Connect
- Super Review
- The Adviser
- Wellness Daily
- World of Aviation
EVENTS AND SUMMITS
- ACE25 The Accounting Conference and Exhibition
- Adviser Innovation Summit
- Australian Accounting Awards
- Australian AI Awards
- Australian Aviation Awards
- Australian Aviation Summit
- Australian Broking Awards
- Australian Cyber Awards
- Australian Cyber Summit
- Australian Defence Industry Awards
- Australian Law Awards
- Australian Law Forum
- Australian Space Awards
- Australian Space Summit
- Australian Wealth Management Awards
- Australian Wealth Management Summit
- Better Business Awards
- Better Business Summit
- Broker Innovation Awards
- Broker Innovation Summit
- Budget Summit
- Commerical Finance Awards
- Corporate Counsel Summit
- Defence & National Security Workforce Awards
- Fund Manager of the Year Awards
- ifa Excellence Awards
- Lawyers Weekly 30 Under 30 Awards
- New Broker Academy
- Partner of the Year Awards
- Partner Summit
- REB Awards
- Rising Star Awards
- SME Bootcamp
- SMSF Technical Strategy Day
- Super Fund of the Year Awards
- Women in Finance Awards
- Women in Finance Summit
- Women in Law Awards
- Women in Law Forum
PODCASTS
- Accountants Daily Podcast Network
- Australian Aviation Podcast Network
- Broker Daily Podcast Network
- Defence Connect Podcast Network
- HR Leader Podcast Network
- REB Podcast Network
- Relative Return
- Space Connect Podcast
- The Adviser Podcast Network
- The ifa Show
- The Lawyers Weekly Show
- The Smart Property Investment Show