21 June 18
A Perfect Storm for PictureWealth
"PictureWealth’s capital raise is off to a good start with the company having successfully banked $645k, in addition to the $1.2m already raised, with current momentum indicating early investment is key as PictureWealth takes the lead in this space.[...]
Recent media about the challenges in the financial services industry has highlighted a perfect storm for PictureWealth. Three key events that prove a compelling case for the business model are:
- The mass financial adviser exodus meaning that $900 billion will be looking for a new home within the next 5 years as the reality of tougher educational standards sets in. These orphaned clients are well placed to be serviced by the digital financial advice platform that PictureWealth has built;
- The Banking Royal Commission has decimated the reputation of some the largest financial institutions with key assets now available for purchase. Moreover, one of the big financial services licensees has been wound up triggering advisers and clients alike to find a new home; and
- The Open Banking regime has been earmarked for mid-2019, leaving PictureWealth well ahead of the curve as a FinTech that can interact with, and act on the data that we will be available to access.
PictureWealth’s goal is aligned with this disruption in moving the old world of finance into the new, and creating some great outcomes for the people that they service. Moreover, it creates sizable opportunity for the partners that they collaborate with."
David Pettit, Managing Director & Founder, Picture Wealth Pty Ltd, 21 June 2018.
Please read the full announcement via the link below.