A financial technology company has launched a digital advice and guidance platform that it claims can reduce the length of professional advice by between 70 and 90 per cent.
EValue says that its platform can deliver fully or partially automated advice and guidance processes.
The service can support traditional face-to-face advice and guidance, digital advice and guidance, or “self-service advice with guidance”.
The firm says this is done through the combination of “EValue technology, including application programming interfaces, tools and a stochastic asset model, with third-party technology, like identity and verifcation and data integration, and services from a network of providers.”
The firm will not offer at-retirement advice solutions as part of its package, though it does intend to launch this in future. It says that fully automated online advice can be done for Isa and general investment accounts, pre-retirement, and mortgage protection planning.
EValue chief executive Paul McNamara says: “The advice gap has never been greater or more dangerous – particularly for those approaching retirement. Over a third of the population might have a need for advice but haven’t yet taken it. Whether it’s due to high advice costs or not meeting advisers’ criteria, these people are calling out for help. Otherwise, they risk making the wrong decisions and potentially running out of money in retirement.”