DLT and CDR shifting investment data ownership
Distributed ledger technology (DLT) and the consumer data right (CDR) legislation will transition the source of consumer investment data from product providers to consumers themselves, according to a digital wealth management platform founder.
Speaking at the IMAP InvestTech Virtual Conference, Stuart Holdsworth, Financial Simplicity chief executive, said the combination of the CDR and blockchain technology would afford consumers with the ability to extract their wealth management data and move it to where they want it to go.
“We think that combining that with personal portfolio management technologies, like Financial Simplicity, creates all sorts of wonderful opportunities, and all sorts of different types of advice models,” Holdsworth said.
“It might not be a case of ‘I’m an adviser, I use a platform’, [it might be] ‘I use something that reads what my customers tell me’.”
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Source: DLT and CDR shifting investment data ownership | Money Management