Technology  

Chartered planner turned fintech CEO on solutions for smaller IFAs

“We're seeing a lot of advisers struggling to deal with those smaller clients who represent the future of their business and our intent is to provide a solution that deals with that.” 

The solution to it is, in Riddlington’s words, “robo-advice effectively for every IFA in the country”.

The plan is to offer a robo-advice solution that can be pushed out to these smaller clients.

“Importantly, a solution that ties into a hybrid back office that also serves the client once they do attain wealth,” he said. 

“It’s a robo capability built into their core proposition. Effectively IFAs can serve those and come down the value chain- that's the big problem we're seeing.”

He added: “We're not really looking to compete as a back office or as a website or as a client portal, but it's about pulling that together.”

Ridlington explained that over his career span, he has helped build a number of products and solutions that have “stayed on the shelf for various contractual or commercial reasons from the big guys”. 

“They're spending huge checks on projects that never quite make an impact that they’re supposed to and Ningi was all about finally doing that and executing on the vision,” he said.

With Ningi, Ridlington explained that it has focused on the smaller ambition of advisers that have control over decisions and sit in front of clients.

“It will ease and cut out some of the projects and bureaucracy and those elements from the biggest bends and that was the real motivation to finally do something I know people want,” he said. 

Ridlington explained that when he first started the business, the plan was really to work with firms of less than 20 advisers, purely as they are the ones underserved by tech providers at the moment.

However, he said the firm already has clients such as Mazars, who are large international firms, and it has quite a few of those as well.

“[There’s] not really a maximum or minimum size of the firm, it's more about the appetite of the firms who really move quickly and make decisions where there are avoidable costs. 

“There's situations where there could be 12 months with 20 people in a room, arguing over what the thing needs to do.