Invest Blue, Lumiant embrace digital advice trend

Invest Blue has announced a partnership with advice platform Lumiant to build a new cloud-based advice solution, which it said will boost client engagement, satisfaction, and well-being.

As part of the deal, Invest Blue will provide $2 million in seed capital, play a key role in developing Lumiant’s digital platform, and roll out the solution to its over 100 financial advisers across 30 locations.

Moreover, Invest Blue managing director David Stephen will be joining the Lumiant board.

Commenting on the partnership, Mr Stephen said: “Our mission is to become Australia’s trusted home of great advice, and we believe a platform that facilitates more meaningful client conversations and generates deeper client insights will help build trust.

“Technology enables the efficient, consistent, and scalable delivery of high-quality advice, and we are excited about partnering with Lumiant to develop the platform and embed it in our business,” he added.

According to Santi Burridge, founder and chief executive officer of Lumiant, the platform’s client-centric design helps advisers navigate a client’s financial position, goals, and values.

“Our advice delivery modules support advisers in visualising their advice and engaging clients around important trade-off conversations that increase their comprehension and motivation,” Mr Burridge said.

“It brings everything that is important to the client together in one place, enabling advisers to deliver a tailored experience.”

Invest Blue said this partnership follows its co-investment in Philippine-based outsourcing company Virtual Business Partners in August 2022.

“We are a fast-growing company with ambitious goals and our strategic partnerships give us a competitive advantage,” Mr Stephen added.

“Our investment in key components of the advice process will help ensure that Invest Blue can deliver advice at scale. With the banks out of personal advice, we want to help fill the void, not only in terms of making advice affordable and accessible to more Australians but in terms of employing and training the next generation of advice professionals.”

“Our strategic partnerships signal to the market that Invest Blue is an innovative and progressive firm. We believe people are attracted to progressive, client-focused businesses,” he concluded.

This announcement is the most recent addition to a growing list of companies developing digital advice solutions tailored to both advisers and consumers.

With Iress, the Australian Retirement Trust, and Spark Financial recently announcing their own digital tools, Invest Blue and Lumiant join the ranks of organisations building the advice industry’s digital presence.

Last week, it was confirmed that abrdn and three fintech firms, Ignition Advice, moneyGPS, and Advice Intelligence are in the final stages of formalising the launch of their digital advice association, which aims to meet this increase by advocating for change in financial advice regulation.

The association’s founders will join Adviser Innovation’s editor, Maja Garaca Djurdjevic, on a panel at this year’s Adviser Innovation Summit to discuss their goals, and how a unified and coordinated voice for digital providers can revolutionise the industry.

Commenting on the event, Jacqui Henderson, founder and CEO of Advice Intelligence, said: “We are on the precipice of a new era for financial services, and I am excited to welcome this next evolution of financial advice”.

“The digital advice landscape enhances the adviser and client relationship in significant ways that will benefit both consumers and the wider industry — improving the advice journey, building efficiencies, and bolstering business success.”

To secure your ticket to the Adviser Innovation Summit 2023, click here.