What’s relevant for independent advisors here in Canada is that a service like Portfolio CheckUp takes the negative aspect of automated advice (you’re losing a client or potential client to an online advisor) and turns that on its head by recommending that client to you who then implements the actual advice.
What’s it cost advisors?
According to Investment News, Portfolio Check Up has 100 advisors in its network at the moment who pay 25 percent of the advisory fees related to each referral.
Portfolio CheckUp’s been open for business since mid-November. In just four months it has landed more than 500 accounts and $4 billion in assets under management.
It’s not for everybody but the platform is certainly winning some support in the independent advisory community.
”It's a great first step,” says Scott Bell, founder of RIA firm GDP Wealth. “It has a lot of the key elements needed for a compelling online experience while also using a real world adviser.”
What’s not to like?