Advice documents still not clear, concise and effective
Many clients are simply not understanding the advice being presented in Statement of Advice (SoA) documents, because they are still not clear, concise and effective, according to leading fintech, YTML. Over the past three years YTML, which provides a number of advice technology solutions, including a paraplanning service, has seen over 50 different SoA templates. “Over 80 per cent of these were over 40 pages long,” said Terri Ho, YTML’s GM of Advice. “The longest I have seen is 130 pages.” Ms Ho said the advice in many SoA documents isn’t being presented in a succinct way to clients – the information lacks clarity, there is too much jargon […]
Pensioners prime market for robo-advice
There is considerable opportunity to provide robo-advice to pensioners seeking affordable, accessible and personalised advice, according to GlobalData. The company’s 2017 Life & UK Pensions Survey found that 63 per cent of individuals accessing financial advice used it to discuss pensions, which usually was through visiting online platforms that provided automated advice. GlobalData pointed to the cheaper fees and ability to engage with services more frequently through robo-advice as key to its appeal to pensioners. Insurance analyst for GlobalData, Danielle Cripps, said that pension providers should look to robo-advice to offer assistance on not just saving for retirement, but also helping people at and in retirement. To read more, […]
myprosperity and View Legal partner to offer automated estate planning services
myprosperity, Australia’s leading personal wealth portal, is partnering with Australian estate planning firm, View Legal to provide free, standard wills. A personal wealth portal, myprosperity is a white-label desktop and mobile app that advisers and accountants can enable for their clients. The platform provides a consolidated, real-time view of a client’s entire financial world, thanks to live integrations with leading financial services providers. When enabled by an adviser, myprosperity’s estate planning functionality will allow a client to generate a standard View Legal will and automatically populate the relevant data from their personal wealth portal, including all their assets and liabilities. This legally binding will is then stored on myprosperity, delivering […]
Prospa books open, offer size reduced
Macquarie and UBS’s equities desks have started beating the drum for ASX-aspirant Prospa. The brokers opened Prospa’s IPO bookbuild on Thursday morning, with news the offer size had been reduced. Some of the online small business lender’s existing shareholders have cut the size of their selldown. Prospa is now seeking to raise $141 million to $147 million, according to terms sent to fund managers. The first $100 million is pegged for the company while $41 million to $47 million represents the shareholder selldown. It had initially been targeting up to $60 million for the selldown. The price was retained at $3.04 to $3.83 a share, as was the targeted market capitalisation […]
Sharesight wins 3rd at Benzinga Global Fintech Awards
Sharesight announce they have been awarded third place at the 2018 Benzinga Global Fintech Awards for Best Financial Advisor or Wealth Management Platform! Sharesight are honoured to receive this award as it recognises that they’re revolutionising portfolio tracking for investors and the finance professionals who serve them. Looking at the range of 2018 finalists, Sharesight said they are humbled to receive this award. There are so many fintechs making a real difference in the lives of everyday consumers and investors.
Fintech intro for Stockbrokers 2018 Annual Conference
Next week will see 500+ local and international Stockbrokers and Advisors descend on Melbourne for the purpose of community enlightenment and networking.
Anger grows over crowdfund farce
Anger is growing over “farcical” delays to passing the equity crowdfunding bill that would extend the regime to private Australian companies, with the scheme now unlikely to come into effect until the end of the year. There are also concerns that cuts to corporate regulator ASIC will further slow the implementation of the scheme, which has been in the works since early 2013. Amendments to the Corporations Act allowing private companies to undertake a crowdsourced equity funding round were introduced to Parliament last September. Despite broad support by the Opposition, the bill was not passed in the House of Representatives until February this year. It has now spent three months […]
Top-20 banks should be investing in disruptors, says Reinventure co-founder Simon Cant
As Reinventure announces its third $50 million fintech investment fund, co-founder and managing director Simon Cant says its important for big banks to invest in the very startups that are disrupting their industry. The latest fund brings the Westpac-backed VC firm’s total funds under management to $150 million, and follows two previous funds, which have invested in 20 startups. Cant tells StartupSmart that, under its independent venture capital structure, Reinventure is focused on ensuring “our interests are financially aligned with those of the entrepreneur”. Specifically, this third fund will be looking for startups that could be relevant to top-20 banks and their global operations. While Cant says Reinventure will still […]
