Midwinter to launch robo offering in Q1


By Sarah Kendell

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Software provider Midwinter will roll out the first phase of its robo advice offering for advisers in the first quarter of next year, the company announced this week.

In an interview with financialobserver, Midwinter managing director Julian Plummer said the launch of the company’s “digital advice framework” had come in response to feedback that advisers didn’t want to be left behind on robo advice by the major banks and dealer groups.

“We are working hand in hand with advisers when it comes to digital technology to ensure they don’t miss the boat,” Plummer said.

“There has been some concern expressed to us by advisers that the larger institutions will beat them to the punch when it comes to digital.”

“Midwinter is able to provide an out-of-the-box solution that will allow advice businesses of all sizes to engage and provide advice digitally.”

Rather than replacing the need for in-person advice, Plummer said the new offering would enable advisers to spend more time on clients with complex needs.

“One of the most common sentiments we hear from advisers is the excitement surrounding the potential for their time to be freed up,” he said.

“Advisers anticipate that time spent undertaking simple advice topics will be freed up, allowing them to move up the value chain and spend more time on the complex pieces of advice.”

As well as offering a pure robo advice component, the framework would also give advisers the option to escalate their clients to collaborative and face-to-face advice.

Off the back of increasing adviser demand for guidance around digital advice, Midwinter announced three new appointments – former Decimal executive Esther Moseley as senior business development manager enterprise, Barry Rome as project management and business analyst, and Sam Khanjar as a senior software developer.

Both Rome and Khanjar would sit within the company’s specialist digital advice team.

Plummer said Midwinter was considering further hires in 2016 as the company received more inquiries from institutions and dealer groups.

“Our cloud-based platform allows licensees to monitor all their advisers for [Future of Financial Advice] compliance at once,” he said.

“When you combine that with the reduced time it takes to produce a statement of advice, I think a lot of them are seeing that as a compelling proposition.”

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