Open Advice is a hybrid-advice platform that utilizes digital workflows and automated compliance processes to enable regulated financial advisers to efficiently serve a broader range of clients, from those starting their investment journey to those needing detailed financial planning. By addressing the advice gap, the platform allows advisers to manage client relationships profitably while automating key tasks such as suitability assessments and ongoing management.
Funding
$310.7K raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Many individuals find themselves unable to access financial advice due to the perceived high costs and complexity of traditional financial planning services, leaving a significant advice gap, particularly for those with smaller investment portfolios or those just starting their investment journey. This lack of access can hinder effective financial planning and wealth accumulation for a large segment of the population.
Solution
Open Advice provides a hybrid-advice platform that combines digital workflows with automated compliance processes, enabling regulated financial advisors to efficiently serve a broader range of clients. The platform offers both Simplified and Hybrid Advice solutions, allowing advisors to profitably manage client relationships while automating key tasks such as suitability assessments and ongoing management. By digitizing expertise and automating recommendations based on a client's unique circumstances, Open Advice helps advisors to close the advice gap and scale their services to a wider audience. The platform's configurable workflows are designed to be delivered alongside existing offerings, catering to clients with varying needs, from those starting their investment journey to those requiring more detailed advice.
Target Audience
The primary target audience includes regulated financial advisors seeking to efficiently serve a broader range of clients, from those with smaller portfolios to those needing detailed financial planning, as well as firms looking to white-label a hybrid advice platform.
Features
- Branded signup forms and compliant client agreements
- Psychometric risk profiling and insight into sustainability preferences
- Automated KYC, including sanctions, PEP, and adverse media checks
- Integration with P1 Investments for one-click account opening
- Secure messaging for encrypted communication and compliance reporting
- Open Banking integration for automated analysis of income and expenditure
- Client mobile app for accessing Simplified and Hybrid Advice
- Automated suitability letters for Simplified and Hybrid clients
- Automated Letters of Authority for gathering data on existing policies