Fintech stocks to win from booming market of independent financial advice

Listed investment platforms that benefit from the move towards independent financial advice are among the few winners from the Financial Services Royal Commission.

The Commission’s shocking revelations on bank culture and financial-advice standards will surely strengthen the move towards independent financial advice – a trend that has been underway since 2013 Future of Financial Advice (FOFA) reforms.

More financial advisers will move away from bank-aligned distribution channels or large wealth-management firms and work for themselves. More customers, concerned about bank ethics, will favour financial advisers who demonstrate genuine independence.

Also, advisers will need to look for new ways to grow their business through technology. They’ll need tools that help them serve more clients efficiently, while providing a higher service standard. Technology that automates part of the process is key.

These trends are good news for listed investment platforms that Netwealth Group and Hub24 offer. Class is another beneficiary as more advisers and accountants use its leading administration software for Self-Managed Superannuation Accounts (SMSF).

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Source: Fintech stocks to win from booming market of independent financial advice – www.thebull.com.au