NetworkOct 9 2017

SimplyBiz advisers add digital services rather than go robo

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SimplyBiz advisers add digital services rather than go robo

SimplyBiz Group has seen an increase in adviser interest in offering digital solutions to their clients alongside traditional face-to-face advice.

This is evidenced by the take-up of the group’s NextGen client website proposition rather than intermediaries opting to add a robo-advice arm to their business. 

Simplybiz reported on the increased uptake of their digital services as robo-adviser Nutmeg reported its losses increased to £9.3m for 2016 and warned it may need more funding if it is to remain a going concern.

The NextGen SimplySites proposition provides firms with a professional looking website, rich in content and with the option to add an array of interactive and transactional tools and services,

It has been adopted by more than 400 member firms since the proposition was launched in January.

In addition to content produced centrally by the group, SimplySites also offers a range of tools and systems from partners that enable clients to transact online when it may be uneconomical for either client or adviser to do so on a face-to-face basis.

Partners include Mortgage Brain, Octopus Energy, Zurich, Intelliflo, Children’s Isa and The Source, Deposit Sense, Direct Life and Pension and Pension Monster, with more set to be added.

Richard Ardron, group marketing director of SimplyBiz, said: “I feel the success of NextGen SimplySites gives a really clear picture of the position of many advisers regarding conducting transactions online. 

“Whilst most advisers do not see a place for robo-advice, they do see an important role for digital services that can both complement their traditional advice models and offer clients a real choice at a time when these services are prevalent in day-to-day life.  

“Since the implementation of the Retail Distribution Review, the adviser community has held concerns about the fact that young people, or those on lower incomes, would have less access to financial advice. 

“There are also some transactions that do not need a fully advised service, as they are a straightforward presentation of the options, followed by a sale. 

“Providing digital services for clients, or prospective clients, through a SimplySite means that advisers can spend more time on the areas of the advice process which are most valued by clients.

“I do not believe there is a service like this available elsewhere and the proposition will continue to develop as we add more features and functionality.

“We continue to work with firms to ensure we are able to offer additional digital tools that will benefit all advisory businesses, whilst not adding to the costs of the sites, which we build free of charge and offer at a low running cost.”

emma.hughes@ft.com