Robo advice is widely seen as inevitable in the financial advice industry, regardless of whether you view it as a threat or something to be welcomed: and now it has taken a new, even more specialized form.
With financial advisors often struggling to attract female investors, WorthFM is hoping that it will be able to hook women with a robo-advice service designed directly for them.
According to a report at Wealthmanagement.com, a partnership has been formed between Amanda Steinberg, the leading figure behind DailyWorth, which is a wealth management website that has been designed for women, and Michelle Smith, who is the CEO of Source Financial Advisors, which is dedicated to female investors with high net worth.
The publication writes that the duo teamed up with software provider Vanare to offer an individual experience on a robo platform. Smith told the website that women generally “don’t trust financial services” – and this is about offering something that’s designed specifically to appeal to them while engaging their interest.
There is potentially a massive audience for the product too, with WorthFM suggesting it has a readership of around 1.2 million. The duo suggests there has been significant demand for such a platform among investors.