Industry commentators in the UK are intrigued by a new financial services app launched by a team which includes the former chief of wealth manager Investment Quorum Lee Robertson and ex-Janus Henderson global head of marketing Rob Page. but are split on how successful it will be.
The app, called Octo Members Group, was unveiled on Tuesday. It is the brainchild of Robertson and Page, as well as Jon Rocchi, the former head of new business at data analytics group Financial Express, and Andy Brown, who is investment director at Prudential Portfolio Management Group.
The app is designed for the financial services community to “connect, share and engage” and has been described as “the first of its kind, built by the industry for the industry”.
Scheduled for launch in Q4 2018, the app allows members to access the very latest ideas and debate, centred around investment, retirement, and financial planning.
Will it catch on?
Ryan Hughes, head of active portfolios at AJ Bell, said the app “sounds interesting” but could take time to become established.
“Ultimately, this will only really work if there is true buy in from across to investment community in order to ensure that there is proper debate and information sharing,” he said.
“Many people are reluctant to share ideas and therefore it may take a little time for something such as this to become established.”
But Darius McDermott, managing director at Chelsea Financial Services said he has “strong confidence” that the Robertson and Page venture will be successful.
“Given the founders’ varying experience it will have been very well thought through,” he said.
A simple concept
Robertson, now managing director at Octo Members, told Portfolio Adviser that the app is based around a pretty simple concept: “Deep debate, informed discussion and an ability via an incredibly powerful native app experience to assist each other at becoming better, more informed and share our experience and expertise.”
Its a concept he said he has been working on for a while and had been mulling over while he was still at Investment Quorum.
“I never gave Investment Quorum clients or team anything less than my full-time attention, loyalty and support,” he said.
He explained that the app has been built with advisers in mind.
“We are a sector full of brilliant, informed and committed people all striving to deliver the best we possibly can but sometimes we struggle to share our expertise and we aim to help,” he added.
“Advisers particularly should be able to easily access assistance, support and meaningful interaction with other professionals.”
Last month, Robertson stepped down from his role as CEO of Investment Quorum which he founded in 2000, following a management buyout which saw Petronella West take over his role.
Recently, he joined the executive board of the Association of Independent Non-Executive Directors.
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