The 2013 Retail Distribution Review (RDR) has led to an advice gap among consumers. This, coupled with the government’s pension’s reforms in 2015, has challenged the industry to respond to the consumer need for advice on pre-, at- and post- retirement options as well as advice on investment and protection needs.
The FCA reports that two thirds of all financial products are now sold without professional financial advice. What the report doesn’t say is how many didn’t buy an investment because they didn’t get advice. EValue’s new offering is aimed at helping consumers navigate the myriad of options open to them, where the economics of conventional advice do not work.
EValue provides white labelled forecasting models to more than 90% of UK product providers and banks and over 50% of the adviser market. This client base has been built on the firm’s reputation for state-of-the-art stochastic models. These models take into account a huge array of variables to produce accurate and realistic financial forecasts to best inform users about their retirement savings outlook and retirement income prospects.
The bespoke proposition will offer providers support in areas including investment (ISA / GIA), protection, pre-retirement, at-retirement, in-retirement and mortgages. Ultimately, even pension consolidation and DB to DC transfers should be possible.
The new platform features a foundation level offering that focuses on delivering realistic, reliable and suitable robo advice to the end consumer.
The firm’s robo-advice offering will provide an unrivalled foundation to respond to the fast evolving consumer demand in highly regulated compliance environment. From a strong foundation base of capabilities EValue can help its clients expand and adapt their offering to create tailored solutions that best meet their business needs. The pre-built elements are developed to be fully in line with compliance, integration and product configuration demands. The accessibility of these elements is enabling eValue’s clients to quickly bring a solution to market in the most cost-effective of ways.
Bruce Moss, Founder and Strategy Director of EValue, comments: “From driverless cars to wearable tech telling us when to exercise, the role of technology in our daily lives is ever greater – and managing our finances is no different. With RDR and government reforms changing the savings and pensions landscape, understandably consumers are seeking advice. Advisers and providers need to make sure they can meet this demand and robo-advice is the financial services industry’s answer.
“The real challenge with robo-advice is producing a process that is both engaging for consumers while at the same time ticks off all the regulatory boxes. Meeting this challenge will not be easy but EValue has the advantage of over 20 years of experience in squaring this ever changing circle of requirements.”
If you like this blog, please spread the inspiration by sharing this blog with your business colleagues and friends on LinkedIn, Twitter, Facebook and Google+