Advice technology firm Padua has announced a strategic partnership with Finchley & Kent, which it said would give the licensee’s advisers access to Padua’s “cutting-edge technology and services, dramatically enhancing their capability to deliver timely, personalised, and compliant financial advice”.
According to the firms, the partnership will see Finchley & Kent’s network of advice firms utilising Padua’s two newly launched offerings: Paraplanning as a Service (PaaS) and Transition Management as a Service (TMaaS).
“We’re thrilled to partner with Padua Solutions, whose forward-thinking technology solutions will empower our advisers to deliver more efficient, personalised and scalable advice,” said Finchley & Kent managing director Sam El Shammaa.
“Our collaboration underscores our shared vision to positively disrupt and reshape the future of financial services.”
Matthew Esler, co-founder and CEO of Padua Solutions, added that the “exciting” partnership would help support advisers to “better manage their businesses and deliver exceptional client outcomes”.
“Finchley & Kent’s fresh approach to advice aligns perfectly with our commitment to transforming financial advice through innovative, accessible technology,” Esler said.
“Finchley & Kent was established to challenge traditional advice industry norms and drive meaningful growth for advice firms through innovation and modern practices. Their commitment to agility and innovation makes them an ideal partner for Padua’s evolving suite of tech-driven advice solutions.”
The services provide access to Padua’s full suite of advice technology, including the Home, Discover, Compare and Recommend applications, which the tech firm said would deliver “significant operational efficiencies and improved client experiences”, allowing the advisers to spend more time with clients.
Speaking on an episode of The ifa Show last year, Esler argued that technology can drastically increase paraplanners’ efficiency, becoming a “cyborg-paraplanner”.
Esler said a common misconception people make about his business is that they consider it a robo-advice business; however, he counters that this is a mischaracterisation.
“A lot of advisers say to me, ‘You guys are robo-advice’. And I say, ‘No, you’ve got that wrong. We’re a robo-paraplanner.’ We’re not trying to replace the adviser. We’re trying to make the generation of the advice, which has predominantly been the domain of the paraplanner, much more effective,” Esler said.
Acknowledging that this could cause concern among paraplanners, Esler said: “Please don’t freak out, I’m not replacing you, we’re just turning you into cyborgs.”
