Former Lighthouse IT director Eddie George is setting up a web and mobile technology firm for the retail financial services industry, along with a social media website for advisers and their clients.
The technology firm, Stripped Finance, is due to launch in the first half of 2012.
George is currently developing an iPad application along with risk-profiling tools and calculators for investments, mortgages and protection for use by advisers and consumers.
The website, also called Stripped Finance, will allow advisers to create their own profile, microsite, interact with consumers and promote their businesses.
George says he is looking to create a restricted membership for the website of about 250 advisers in the six months after launch, before rolling the service out to a wider market.
He says the charges for the service have not yet been finalised.
George says: “Technology is successfully being used in many other industries but at the moment it is not as prevalent in retail finance because of regulation and conservative attitudes. My vision is of a customised internet service for retail finance and online advice. The market should expand after the RDR as technology reduces costs for advice and services and increases customer access.”
Finance and Technology Research Centre director Ian McKenna says: “Advisers need to communicate with their peers and consumers in new ways and this is a step towards that.”