It’s easy to overlook the ‘robo revolution’ if you believe that most investors still want face-to-face meetings: however, with the arrival of CRM2 and one firm claiming it can lower fees by as much as 25 per cent, perhaps this technology can no longer be ignored.
According to Tridus Wealth Management, a start-up firm based in Vancouver, British Columbia, financial technology is changing the way Canadians are looking to interact with their advisors. In an interview with Clare O'Hara at The Globe and Mail
, the company revealed plans to launch a paperless, full-service firm that leverages technology provided by Cassia Research Inc., and is aiming to reduce clients’ fees by as much as 25 per cent.
The company’s founder Harry McLaughlin commented to the publication
that Canadians are paying among “the highest fees in the world for financial advice”. He wants his company to provide a more efficient operation which helps to free up time for advisors and therefore allows costs to be reduced.
At this point, McLaughlin is recruiting a host of advisors with the aim of completing the company’s launch by the middle of the year. He hopes that his firm will be able to offer a network of advisors supported by portfolio management tools and risk management technology. However, its offering will go beyond that of a traditional robo advisor as clients will be able to customize portfolios that include stocks, ETFs and mutual funds.
In addition, the firm’s advisors are set to use mobile devices to set up client meetings rather than simply offering meetings in offices. So some consultations could be carried out with video conferencing, such as via Skype.
According to Cassia CEO Henry Bee, the partnership will make the company one of the first in Canada to do what is already taking place in the USA: offering wealth management in a more transparent, cost-effective, mobile and modern manner.