Fintech investment platform OpenInvest has appointed Andrew Rutter as a senior consultant tasked with taking its digital investing solution to more wealth management firms and advice dealer groups.
Rutter has held a number of distribution roles in the past at investment manager Pendal and BT Financial Group and was the executive director for distribution at DKN Financial for nearly eight years. He has also held sales roles at NAB and Axa/National Mutual.
He said given the regulatory issues that have increased the costs of delivering ongoing personal advice, technology can address the growing advice gap.
“Some clients’ circumstances and account balances no longer justify the cost of traditional ongoing personal advice and yet they still need their portfolio to be professionally managed by the firm,” he said.
“OpenInvest’s platform allows firms to service such clients in a scalable and low-cost way via the firm’s own general advice digital solution.
“OpenInvest gives firms a more nuanced means to ensure that each client is looked after in the most appropriate way, benefiting clients and the firm.”
According to Rutter, leading wealth management and advice firms have additionally been seeking technology solutions as a means to engage with clients.
“The most strategic firms are aware of the data – $3.5 trillion of wealth is passing through the generations – and are seeking a scalable, low-cost and engaging way to reach this generation now, recognising that most are not yet suitable candidates given the costs involved for the traditional ongoing personal advice relationship,” he said.
“By obtaining their own digital solution, firms are able to help these clients with professionally managed portfolios, whilst building trusted relationships, digitally.”
OpenInvest chief executive Andrew Varlamos noted the company’s excitement in welcoming a high-profile advice industry professional.
“Andrew has built an outstanding reputation over his lengthy career and we feel fortunate he has agreed to bring his wisdom, experience and passion for this industry to OpenInvest,” Varlamos said.
