Millinium Capital Managers has announced that its Millinium Alternatives fund has made a significant investment in major Australian digital advice provider, Ignition Wealth to leverage “rapid growth” opportunities and reach the “85 per cent of Australians who are unadvised”.
In a statement yesterday, Millinium Capital Managers, the responsible entity of the Millinium Alternatives fund, said “The digital financial advice sector is set to gain significant traction in the next few years.
"Demand for a low cost, easy-to-use consumer experience coupled with the best interest legislation will drive rapid growth.”
The incumbent traditional advice industry has focused exclusively on the top 15 percent of the market, leaving 85 percent of Australians unadvised, the statement said.
This market gap provides a huge need and opportunity to leverage new technology to bring affordable independent financial advice to a mass market.
Managing director, Millinium Capital Managers, Tom Wallace said, “Globally, digital financial advice services are demonstrating rapid growth.
“We believe that Ignition Wealth delivers the best-in-class offering for the Australian market and provides the best opportunity for growth.”
Ignition Wealth has recently announced several business advancements including partnership with global fund administrator Link Digital Solutions and a significant investment from Class and Countplus chairman Barry Lambert, the statement said.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 25 Jun 2018Sam Henderson to retire from financial adviceBy Reporter
- 25 Jun 2018CBA to spin off 'independent' CFS GroupBy Reporter
- 22 Jun 2018Awards night recognises young adviser of the yearBy Reporter
- 22 Jun 2018AMP chair urges RC to not to restrict business modelsBy Killian Plastow
- 22 Jun 2018David Murray takes reins as AMP chairmanBy Reporter
- 22 Jun 2018Fitzpatricks announces new licensee bossBy Aleks Vickovich
- view all