With apps like Moneybox gaining in popularity, international wealth management advisors, HULT Private Capital look at whether the world of wealth management is ready to go digital
We are in an age where we are able to manage almost every area of our lives from our smart phones: travel, our home security systems, our utilities, and our bank accounts. Banking has changed astronomically over the years, pivoting from its physical service origins, to becoming a contactless and largely instantaneous facility that can be managed through any one of a series of aesthetically pleasing and user-friendly apps. The adoption of this approach hasn’t been confined to everyday banking; in recent years we have seen the emergence of apps that have simplified and made investing far more accessible to a broader market than any high street bank has managed to do.
“Clients like to see the whites of their advisors’ eyes”, say HULT Private Capital
Digital wealth management is a concept Old Money could never have anticipated, after all, wealth managers are renowned for holding the closest relationships anyone with money has. HULT Private Capital are an international investment advisory who have long been providing their clients with support in managing and growing their wealth. UK director, Amrit Singh, is in support of making wealth management easier to manage. “Whilst we are firm believers that clients like to see the whites of their advisors’ eyes and discuss the semantics over lunch, we are also very adept at working with clients around the globe remotely without compromising on the service levels we pride ourselves on. Apps are inarguably a convenient means of monitoring, but we have asked our investors what they want, and the general consensus remains that they like the fact that our advisors know them by name, know their families and business accolades. The sense of humanity is still so important to many. There is very much a place for digitalized wealth management, and I believe companies like Moneybox do an excellent job of serving investors that may not find a more traditional service such as ours to be right for them.”
HULT believe Moneybox has opened the door to a new type of investor
Since its 2016 inception, Moneybox has garnered over 800,000 users and almost £3 billion in assets under management. In their recent Series D fundraising round, they raised a further £35 million. The round, facilitated by Fidelity International Strategic Ventures brought their total investment to £95.1 million, evidence of the institutional belief in the platform’s potential. Moneybox allows verified users to move their pensions into one place, open ISAs, determine their own exposure to risk and save by ‘rounding-up’ the pennies on transactions through their linked bank accounts. HULT’s Singh is right, there are many investors who like the steak and red wine approach; the deals discussed on the golf course and the scheduled calls. Those investors are part of a niche and exclusive set of wealthy clients. The recent influx of digital wealth platforms are not designed for those investors, they are designed to help your working-class individual manage their own money, in their own time. “The friendly interface of Moneybox and it’s low entry levels has opened the door to people who perhaps wouldn’t have invested their money otherwise, and in an age of fierce inflation and widespread financial hardship, everyone deserves the opportunity to make their money work for them,” Amrit concurred.
And with Moneybox looking to step into the crypto-sphere, investors are set to have even more options at their fingertips.
HULT Private Capital provide investment services to eligible investors, to check your eligibility visit https://www.hultprivatecapital.com/self-certification/