Sort.co.uk, the UK's only online IFA, has been bought out by mPower Europe. The subsidiary of US parent mPower plans to establish an online service providing virtual financial advice to companies. The takeover was announced by mPower Europe commercial director Ben Goss at the Sofa conference last week.
In a debate with Aifa director general Paul Smee, Goss said online IFAs will become more popular and Smee said face-to-face advice will never be replaced.
Smee added that, while it is important for IFAs to embrace the possibilities of the internet, it is only one channel and forward looking firms will benefit from the advances offered by technology.
Goss said: “Using the internet, advice becomes suddenly affordable and available to those who need it most.”