Unbiased and Moneyhub are collaborating to make Unbiased’s Find an Advisor tool available to users of the MoneyHub portal, targeting finance-savvy consumers who increasingly look online for reviews before selecting their financial advisor.
Moneyhub is a an account aggregation service that lets users view their entire financial holdings by bringing together information on their savings, loans, credit cards, investments, and other financial products. Unbiased is a site that allows users to browse, contact, and review financial advisors – bringing (alongside existing UK service VouchedFor) the reputation economy into the financial advisor market.
Moneyhub will include Unbiased’s Find an Adviser search tool as part of its site, while Unbiased in turn will promote Moneyhub on its site and offer exclusive offers to trial the Money Hub portal. The partnership is expected to launch in July 2016.
The collaboration is a timely one. As discussed in our Social Media in Wealth Management 2o16 report, consumers are increasingly seeking financial advice and reviewing their options online. Traditionally referrals for financial advice were received from friends or other peer groups – and according to our 2015 IFA Survey, referrals from current clients are the leading source of UK IFAs’ client bases.
However, the form in which recommendations or referrals are consumed is changing: particularly for the younger generation, online reviews are an important source of information when selecting financial advisors. According to research by Salesforce on US consumers with investments, online reviews are equally important to millennials as peer recommendations or referrals when selecting financial advisors. Millennials will have an increasing share of wealth going forward, and when they seek financial advice, their priorities will be different to those of previous generations.
While an interesting concept, Moneyhub is a relatively small player, meaning that the collaboration is unlikely to have a market-changing impact but will likely result in an increase in the amount of clients originating through online channels. Customers who are using Moneyhub are already interested in keeping up-to date with their finances, meaning that they are an audience that is likely to welcome the opportunity to search for financial advisors through the site.
Allowing them to access the advisor search tool through a portal they are already familiar with will improve the user experience, and is likely to encourage more users to consider and explore the professional financial advice offered by providers.
Given that online referrals are likely to become even more important in the future – the trend particularly fueled by younger consumers – the collaboration is an example of how both service providers and advisors can benefit from the advent of the online reputation economy in financial services.
By Katri Tuomainen, Wealth Management Analyst