A roundup of daily robo-advice news
Singaporean central bank invites consultation on robo. Thameside Financial Planning uses robo-advice to lure millennials from rich families. Robo-advice guru says face-to-face mortgage brokers will go the way of the dodo.
SINGAPORE’S CENTRAL BANK LENDS A HAND
Singapore’s central bank, the Monetary Authority of Singapore, has called for a formal industry consultation on robo-advice, a world first for a central bank.
In a paper released Wednesday, the MAS says it wants to boost financial innovation by recognising and promoting digital platforms.
It said that it wants to make robo-advisors lives’ easier, and will change the licensing and business conduct requirements in order to do so.
The MAS noted that some Singaporean companies have already started providing robo-advice, and assured the industry that no regulatory issues arose from doing so.
Read more at Banking Technology.
THAMESIDE GOES ROBO
Thameside Financial Planning has launched an in-house robot advisory as a way of targeting the kids of its richest clients.
The service will be a white labeling of the firm’s existing back-end service and will target the millennial market.
“We are going for the Nutmeg proposition.”
Read more at Money Marketing.
GOODBYE MORTGAGE BROKERS
Online mortgage brokers and robo-advisors will drive their face-to-face competitors into the ground.
In an interview with the FT Adviser, Ishaan Malhi, founder of one of the first digital brokerages, Trussle, said that the mortgage applications might be complex, but not complex enough to stop robots taking over.
“I have a product vision where people don’t need to speak to anyone to get the best mortgage for them.”
Read more at FT Adviser.