UK-based financial planning and wealth management firm First Wealth has launched a hybrid advice platform called Open Advice.
The company said that the software will automate some of the planning journey by using data and algorithms to suggest financial advice based on “probability of outcome”. It also said it will remove bias and subjectivity in financial advice.
Open Advice was created to help IFAs close the advice gap, engage better with existing clients as well as connect and build relationships with the next generation of customers.
First Wealth said the idea behind the platform was to create a solution that advisers can white label.
“The team were inspired to create this platform, which has been one year in the making, because, to date, they have been referring clients to competitor platforms because there’s been no cost effective way of dealing with them,” the firm said in a statement.
Open Advice is already plugged into P1 Investment Services to give clients access to low-cost portfolios and the First Wealth team is also working with Benchmark Capital to have data flow into the platform.
