TV Interview: Business Day in Southern Africa

Kate Holmes, Founder and CEO of Belmore Financial, a US-based financial coaching, advice and education company, says technology has allowed us to do more, and has made life simpler for advisers and consumers.

"Technology is allowing us to do it better, smarter, less expensive, which allows us to spend more time on the client rather than spending time looking at spreadsheets," says Holmes.

In the US the response to robo-advisers has been positive. She says the service is attracting a wide range of people, including wealthy individuals, and people in their 40s, 50s and 60s. "Maybe for not all of their assets but they are definitely testing the waters with some of their assets."

Watch the full interview here. 

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“This business model – everything that I am doing – is not just for people in their twenties and thirties – it is across the board and I work with quite a few very high net worth families and they come to me because there are no conflicts of interest.”

Holmes said she works hard with clients to figure out what they want their life to look like – whether that is starting a business, having kids, buying a house or travelling the world – and then creates a plan to make that happen.

When she started the business no one else in the US was using this business model. Fast-forward three years and there are about a 190 planners who have embraced a similar framework.

Holmes said this has been a wake-up call for product providers who have realised that the industry is moving in a new direction and that if they want financial planners to be recommending their products, they have to create excellent products at competitive prices.

There is often a mismatch between what advisors believe their clients want and what their actual needs are, she said.

Read the full article here.