Aussie fintech company expands to South Africa

Speaking at a media briefing in Sydney yesterday, AstuteWheel co-founder and managing director Hans Egger said the South African financial advice industry was beginning to move away from commissions, presenting an opportunity for a product that helps clients understand the value of advice.

"It is a sophisticated financial advice market looking to grow and our solution really fills a gap for many of these practices, which are already providing good advice but need a more efficient and better client engagement process to demonstrate to clients the value of their advice," he said.

AstuteWheel's platform is intended to help advisers better communicate their strategies to clients through questionnaires and visuals. The company launched in Australia in 2012 and has since reached more than 500 advisers using its tool.

Mr Egger hopes to gain 100 more advisers in South Africa by next year.

"The system was launched to the South African market earlier this month during a roadshow that visited Cape Town, Durban, Johannesburg and Pretoria," he said.

"Initial signs are very encouraging, with a number of advisers subscribing to the software following the demonstration."

At the same time, AstuteWheel announced it has joined Stone & Chalk, the independent not-for-profit fintech hub located in Sydney.

"We are really excited about the position our business is in and the opportunities we have in front of us," Mr Egger said.

"However, this year is about not only moving beyond national boundaries but also challenging – as we see it – the pre-conceived boundaries in financial advice."