Some advisors use the hybrid advice channel as a stepping stone to full-service advice, while others enjoy the model’s team approach
that mix a digital-first client experience with some human advice to serve younger clients or those with less complex financial needs. Firms using these models are taking various approaches to career development and progression for the advisors staffing the programs.
Prospr clients – who Ms. Chan says skew millennial and generation Z and tend to be starting a family, buying a home and insurance – have access to the digital platform and can speak with advisors through phone or video calls for planning needs. The Bank of Montreal has a hybrid advice offering for self-directed investors through its BMO InvestorLine platform, called adviceDirect. The program is available to clients with at least a $10,000 balance; adviceDirect premium, which has wealth planning services, is reserved for clients with $500,000 or more in assets, and gives them access to financial planners who can help them with retirement, education, estate, tax, insurance and other needs.
He estimates roughly 15 to 20 per cent of adviceDirect advisors become full-service investment advisors with the bank.
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