Independent investment platform INN8 this week revealed its local investment platform that promises to unlock systematic inefficiencies for independent financial advisors, giving them more time to serve their clients and grow their businesses.
The move comes after a report by Boston Consulting Group (BCG) last week showed that South Africa’s assets under management industry saw decade-topping growth for the year 2020, despite the impact of the coronavirus pandemic.
“We are bringing a true game-changer to the market, something that’s really going to change the way those investments are done,” INN8 CEO Mickey Gambale said at the launch. “It’s going to help advisors digitise, it’s going to help them simplify, it’s going to help them drive efficiencies and really take their businesses to the next level.”
The platform, which was four years in the making, has been designed to give independent financial advisors more time to grow their businesses.
“[They] will have so much [more] time to do the things that generate revenue, which is to give better advice, to see more clients and to ultimately then grow [their] business,” Gambale told Moneyweb.
“The mousetrap hasn’t changed. What we do hasn’t changed – but the way we are doing it has fundamentally changed, and that’s the big thing this platform does,” Gambale said.
No additional costs
Clients using the platform will not be expected to fork out any additional fees outside of what is already expected of them.
“There’s no additional costs, everything is clean, everything is transparent. You can see exactly what you’re paying for and what service you’re getting,” Gambale said.
INN8 said advisors can expect to pay less than a cappuccino’s worth in monthly fees.
“There’s a minimum monthly fee for the year – it’s about R276 including Vat – and so you could do a relatively small investment for basically nothing less than a cappuccino a month,” head of proposition Michael Summerton said at the launch.
“Then [there’s] a scaled pricing model, so the more money you have on the platform, the lower the effective fee you pay and we also aggregate all of our offshore client assets for the local price. So we give them a really nice discounted fee if you have offshore assets with us as well.”
INN8 says it wants to decrease anxiety for clients by placing their investments at their fingertips, enabling them to monitor activity on their profiles by logging onto the platform website.
“So from the clients’ perspective, we’ve really empowered them, we have given them the knowledge they need,” said Gambale.
“We have made sure that they can be connected with their investments so that they can gain confidence. So we’ve taken the anxiety out of the whole process of going through investments.”
Listen to INN8 CEO Mickey Gambale being interviewed on SAfm Market Update with Moneyweb: