The FinTech Lab series – a collaborative project between Zurich and AdviserVoice – gives FinTech companies the opportunity to talk about their products while also having them ‘tested by a panel of advice professionals’  in order to receive ‘practical feedback.’  Episode 15 of the FinTech Lab series featured Ignition Wealth’s Chief Executive Officer and co-founder, Mark Fordree. In this episode, Mark pitched Ignition Wealth’s product to a panel of advice professionals; said pitch was then followed by a number of queries from the panel, ranging from inquiries regarding the role of Ignition Wealth’s investment committee to whether or not Ignition Wealth’s service can be classified as ‘robo-advice’.

Mark’s introduction began with a brief outline of Ignition’s role within the advice industry; specifically, Mark explained how Ignition Wealth’s product can provide numerous benefits to advice practices by giving them the tools to help reduce compliance costs and service previously unengaged clients.

The first question from Clayton Daniel (Hillross Silverstone) asked ‘How does [Ignition Wealth’s product] differ from something that a client can go to market and request – that’s already available to them – without the need of having it attached to an adviser?’ In his response, Mark explained how the main point of differentiation with Ignition Wealth is that although clients do receive limited personal financial advice from the platform, Ignition Wealth is independent, so clients are able to generate and execute a HIN-based portfolio with a cash management account in their own name.

An interesting question that came from Virginia Heyer (Strategy One Advice Network) was ‘Would [Ignition Wealth’s solution] be classified as robo-advice?  Mark then lamented how although Ignition Wealth’s service would fall under the definition of ‘robo-advice’, the term has become somewhat meaningless due to it being used a ‘catch-all’ for numerous product offerings; instead, a more accurate description of Ignition Wealth’s service would be ‘automated advice’.

With the rest of the episode containing further intriguing questions from the panel, followed by detailed and comprehensive answers from Mark, Episode 15 of the FinTech Lab series is a must-see. The full episode can be watched here.