“The clients that gravitate towards my type of practice, are usually a little wealthier and they can afford to pay someone,” he says. They're already quite knowledgeable – so they have already got those tools at their disposal.”
Additionally, according to Paule, the platform will lower the barrier by providing a do-it-yourself option, and could even potentially act as a stepping-stone to users then seeking out a real-life advisor.
“That trend has been quite evident over a long period of time. There is a ground swell of people who use meaningful resources to give them more control,” he says. “They then think, ‘It’s got me this far, now I want to see a real life person.' I see [the platform] as that half-way step.”
Bayer agrees, adding that MOVO may be particularly attractive to younger generations who want to start investing and are more inclined to use an online service.
“It could be worthwhile and it’s a good price plan,” he says. “Anyway we can get people to start saving money and preparing for their future is a good thing.”
- with files from WP Australia
Toronto advisors facing 'Robo-advisors' challenge
DIY investors know the value of advice
Threat to advisors or wakeup call?