As firms move toward fee-based advisory, Lee thinks adopting a digitised form of advisory will no longer be seen as just a service to small-balance account but also as a complement to the client–advisor relationship and a tool for client acquisition.
“Digitisation makes it easier for an advisor to articulate portfolio information in a systematic and consistent way – weighing and considering an investor’s risk profile, suitability and other preferences,” Lee explains.
This serves two purposes. “Firstly, it reduces product pushing and an inherent distrust of the advisor,” Lee says, adding that it also provides a clear way of creating value – which may not be available otherwise in a scalable and digitised manner. “For example, advisors can provide advice tailored to each client and their entire portfolio,” he points out.