Connecting Our Client with the Right Digital Advice Provider

The Challenge

digital_adviceA leading financial services firm was exploring the possibility of developing a new service for retail investors that would combine financial planning and investment management capabilities in a single, web-based offering. The goal was to use this platform to reach the unadvised consumer segment, which represents 75% of the U.S. population. Interested in partnering with one or more digital advice providers to develop its vision for an online, consumer-facing platform, the firm engaged Corporate Insight to help identify potential digital advice partners and assess each firm’s strengths and weaknesses using mutually agreed upon criteria.

The Solution

We leveraged our proprietary research on the fintech startup space to identify an initial list of over 100 potential partners. We then collaborated with our client to develop a set of 15 benchmarking criteria to assess each vendor’s viability as a partner. Criteria included the willingness of the vendor to white label its technology, the vendor’s ability to capture customer data and share trigger events with our client’s network of advisors, and a scalable distribution platform.

Using these criteria, we narrowed the potential partner list to 12 strong matches and began interviewing each startup’s founders. This enabled us to further whittle the potential vendor list down to five finalists. We then conducted in-depth reviews of each firm’s service, identifying the extent to which each would satisfy our client’s requirements. Finally, we delivered a comprehensive report to our client that included vendor assessment scorecards, detailed findings in the form of screenshots and written analysis of each firm’s capabilities, and our vendor selection recommendations.

The Impact

Using our analysis and recommendations, the firm’s senior steering committee opened partnership discussions with two of the five recommended companies. We have also continued to provide our client with ongoing intelligence on the fintech space.