As per a recent survey, only 7% of the UK working population is on track for becoming retirement ready.
As per another survey in UK, 69% of the financial advisers refused to take on new clients as they felt that those seekers cannot afford financial advice.
Some people call it 'Advise gap'. The problem is that the gap is of the size of 'Grand Canyon’!
Yes. This is the problem that we are trying to solve.
Advise Central aims to provide affordable, accessible and online advice. It will be a hybrid platform that combines both Automated (Robo-Adviser) and Human Advisers.
There will be some services that will be provided by automated advisers. The users can also choose from registered independent human advisers whenever they wish to consult.
What!! another Investment Platform? There are so many platforms backed by big Life Insurance and Fund houses.
That's part of the problem, because those platforms are owned by 'producers of investment products', their independence is questionable. Those platforms become more questionable when they have their 'own' Advisers who are not independent to provide an unbiased advice.
Single platform for 'all' investment products.
As per Investment Management Association there are about 200 fund houses in UK. They produce thousands of investment products. There is no single platform to search and compare these products. If you thought buying a train ticket with so many options was difficult then you will be baffled with investment market place.
Now alternate Investments products is also available. The FCA has decided to treat the retail investor as a grown-up adult for the first time & has decided to allow retail investors to invest up to 10% of their net worth on 'alternate investment' products. There is no single platform to compare these alternate investment products.
Advise Central will be the first investment platform to compare both traditional and alternate investment products.
Underfunded pensions are the next big problem that is waiting to come up in developed economies.
That's the reason for introduction of ‘Auto Enrolment' for pension in UK. But still employers choose pension platforms that does not provide wide range of investment options mainly due to the higher cost involved.
Advise Central will evolve in to a low-cost, sophisticated, independent and unbiased advice platform.
When will the platform be live?
We are working on developing the platform. We are also working with investors to back the initiative. We hope to get into Innovation Hub from FCA.
We have reached out to FCA for regulatory support using FCA-Innovation Hub. We hope to get the get into the FCA Sandbox program and 'go live' in 2018.
Until then, if you are a curious investor or an interested Adviser or a Nosy competitor then please get in touch with us using the online form