The need for good quality financial advice has “never been higher”, according to Neil Stevens, joint chief executive officer of Fintel.
Reflecting on the firm’s £7.5mn purchase of review site VouchedFor, Stevens, said at a time when looking after your financial wellbeing is getting harder, technology can play a key role in financial education.
Along with VouchedFor, Fintel bought AKG which provides ratings and reviews for financial services and investment professionals.
Speaking to FT Adviser, Stevens said: “I think technology can play a massive part for people seeking financial advice, it can help with consumer education.
“It can help with giving more customised and bespoke decisions to people and helping individuals find things that are more suited to their own needs and circumstances.
“A great example from VouchedFor is the ability to look at other customer reviews and understand whether their situations are similar to yours or not.
“Before picking up that phone, you can do some work to understand if someone is likely to be the right adviser for you, as an individual.”
Fintel, which is also the parent company of Defaqto and SimplyBiz, said the firm’s latest acquisitions are a vital step in expanding the reach of VouchedFor.
Stevens added: “We want more and more consumers to be able to benefit from advice and we want advisers to be able to benefit from great technology and information that helps them give advice to their customers.
“It's all part of the same mission, it’s about getting better outcomes.”
There are more than 10,000 advisers currently using Fintel and the VouchedFor acquisition will extend its reach to the company’s 5,000 paying members.
Stevens added: “The need for professional advice has never been higher.
“People have more complicated personal situations, they're taking responsibility for more of their financial wellbeing while the world keeps throwing curveballs.
“There are always difficult decisions to be made and you just can't beat the lifetime value of getting good advice.”
tara.o'connor@ft.com
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