Bob Clark tells a story about a fouled-up online customer experience, and says that when things go wrong, you need a human in the loop to fix them. So he’s not worried about online advice.
From there, we get a profile of RiXtrema and its BioniX platform, which allows advisors to set up a branded client portal on their website, with an account opening form, a financial planning questionnaire, and a chance to plug in the advisor’s approved funds and model portfolios. The portfolios are rebalanced according to the advisor’s specifications.
Clients can log on any time they want to see their balances, and explore how different asset mixes will raise or lower their investment risk. Advisors, meanwhile, can stress test portfolios against various financial market scenarios.
Cost? 10 basis points to advisors.
Here is the full story by Bob Clark in the Investment Advisor, June 2015: