Allianz builds digital wealth management with Moneyfarm
In Action Summary
With an aim of deepening its digital wealth management capabilities, Allianz has become the largest minority shareholder of Moneyfarm, a digital wealth manager. The partnership intends to broaden the digital wealth management capability to fit the increasing client demand for easy-to-handle digital solutions.
In the UK pilot, Allianz offered its UK-based employees an opportunity to invest in two of the Group’s active funds. Moneyfarm also complements its capabilities with Allianz ‘s asset management and life insurance product offerings.
With Moneyfarm, customers are required to register online, take a questionnaire to assess their risk-appetite, investment time-horizon and the amount they are investing against their current financial status. The information provided is then used to construct a proposed portfolio that fits the client’s needs.
Jackie Hunt, responsible for Asset Management and U.S. Life Insurance has said of the relationship: “Allianz and Moneyfarm share a common goal to broaden the availability of digital wealth management to savers and investors in a number of markets. We see increasing client demand for smart yet easy-to-handle digital solutions, particularly when it comes to a holistic management of their investments. By intensifying our partnership, we can offer personalized investment solutions through this sophisticated digital channel for a growing client base.”
Moneyfarm currently has over 27,000 active investors and it plans to expand its customer base with a focus on greater personalisation of the investment advice
Ultimately, as millennials move away from traditional financial advisors and towards online chatbots and digital investment tools, legacy insurers and investment institutions will increasingly need to embrace digital methods through either internal development or external partnerships such as this tie up between Allianz and Moneyfarm.
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