Imagine if you didn’t have to worry about your financial situation because your advisor always had you covered? How awesome would that be!
Our founders, David and Kate, became frustrated with the current non-optimal engagement model out there. Specifically, Kate was feeling frustrated as she wanted to start saving for her future but felt existing financial options on the market were missing the mark in terms of personalized financial advice.
Whether it be the advisor’s limited time to juggle clients or the client’s demand for personalization, it all creates an environment of dissatisfaction and mistrust. This has led to low retention rates and clients becoming serial switchers. But it’s not all bad news. Get it right, and it’s a win for all.
Betterworth. We’re harnessing technology for better advisor-client relationships and better financial outcomes. We are a platform for financial services where we blend behavioural finance with AI to connect clients and advisors much faster.
State of the Industry
There is much room for improvement in the current advisor-client model. The average financial advisor has around 400 clients. It isn’t easy to provide the base level of service, understand their client’s needs for products/services and have meaningful engagements to each person. This results in an information gap with clients feeling unappreciated and underserved.
- A 2018 JD Power study found that 87% of consumers are interested in financial advice, but only 33% of these consumers have their financial needs met.
- A recent Forbes survey found 76% of advisors see technology as essential to business success.
- More than 9 out of 10 advisors believe technology will make them more competitive across a variety of dimensions.
Our long term vision is to enable better client relationships and better financial outcomes between the advisor and the client. We want to apply cognitive science principles to mimic humanistic behaviour and identify behavioural patterns in our users to serve them best.
Our Beta release is coming soon! In this release, advisors can gain powerful insights into what shapes their advisory service. They can learn about their strengths, traits and blindspots to build better and stronger client relationships on the spot. It will only take 5 minutes to complete the profile and receive 3 recommendations that can be implemented right away to strengthen client relationships and trust further.
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