Merrill Lynch is piloting a new hybrid digital advice offering for its managed account suite, Merrill Guided Investing with Advisor, according to a recent ADV filing. Positioned as a combination of Merrill’s pure-robo (Merrill Guided Investing) and its traditional managed service (Select Portfolios), the new platform offers clients access to the full digital account experience […]
Last month, private equity firm Warburg Pincus infused virtual RIA Facet Wealth with $33 million in Series A funding. The Baltimore-based startup, founded in 2016, differentiates itself in a commoditized digital advice marketplace with an unconventional client acquisition strategy, fee-for-service pricing structure and call-center-based advice delivery model. None of these strategies are unique in a […]
Corporate Insight recently attended the IMEA Marketing Summit at the Hyatt Regency in downtown Chicago. IMEA (formerly MFEA) hosts several themed conferences throughout the year, such as sales, distribution and leadership, with this iteration focusing on marketing. For the one-day event, industry leaders and key decision makers gathered to offer their takes on the latest […]
Fidelity recently debuted Cora, a prototype virtual reality (VR) H pioneered by Fidelity Labs and built using the new Amazon Sumerian VR application platform. Though not available to the general public, Cora serves as a proof of concept for what a VR assistant available to retail investors might look like in the near future and […]
We’d like to invite you to attend our webinar, Introducing Digital Advice Monitor: Account Opening & Onboarding Review, which will review the account opening process at leading digital advice providers. Join CI’s fintech expert, Sean McDermott, to discover key takeaways from our inaugural Digital Advice Monitor report. Topics covered in this webinar: Introduction to Digital Advice […]
The brokerage industry has seen an explosion of new digital advice offerings over the past year. Because many of these offerings provide investors comparable returns at comparable prices, it has become increasingly important that these firms distinguish themselves from competitors, and corporate branding is an obvious way to do so. Shortly following the launch of […]
In just a few years, digital advice – or “robo” advice – has almost become a table-stakes offering in the brokerage industry. While much of the attention paid to digital advice focuses on the wealth management industry, fintech firms can be found throughout the financial services ecosystem, including services that aim to disrupt banking, payments […]
After spending years watching from the sidelines, incumbent investment firms are embracing digital advice services. Since spring 2015, nearly all the major U.S.-based hybrid brokerage firms have introduced proprietary digital advice solutions or announced their plans to do so soon. Meanwhile, many full-service firms are partnering with digital advice providers such as BlackRock/FutureAdvisor and SigFig to provide either their clients or advisors with automated advice solutions. Our newest study, Next-Generation Investing: The Incumbents Arrive, explores the forces driving this activity, which include the pending DOL fiduciary standard and the opportunity to provide a lower-cost, entry-level relationship in order to reach the next generation of investors. The report also analyzes key trends and developments in the digital advice space and how this market may evolve moving forward.
In this review of the digital advice space, we explore key trends and opportunities in the market, examine digital advice platforms from incumbent firms and leading fintech firms, and discuss the implications these technologies have for the financial services industry.
The March 2016 issue of Consulting Insights is now available! Our feature article shares some of the findings from our study Next-Generation Investing 2015: Digital Advice Matures on activity of incumbent investment firms in the digital advice space. We explore the latest trends in mobile finance innovation. We profile the HENRY (“high earners no rich […]