Managing a diversified portfolio often involves juggling various asset types, regulatory requirements, and administrative tasks, which can be overwhelming without the right tools.
The increasing complexity of asset ownership has highlighted a gap in the availability of platforms that consolidate and streamline these processes.
Matt Hyde, managing director of Fintech Awards London and director of fintech recruitment provider Recruit 121, chatted to Bobby Console-Verma, CEO and co-founder of 1FSWealth, one of the sponsors of the Fintech Awards London about how his company’s platform is addressing this need.
Portfolio management
1fs Wealth provides a platform for users to bring all their assets, including property and financial investments, into one digital space. Console-Verma explained that the platform aims to reduce the administrative burden of managing portfolios, offering features such as automated alerts for insurance renewals and compliance requirements.
While the platform does not provide investment advice, it enables users to track the performance of fund managers and investments, giving them greater oversight and control.
The idea for 1fs originated from Console-Verma’s own frustrations with existing tools, which he found unsuitable for managing complex portfolios. Drawing on his background in capital markets, credit derivatives, and private equity, he identified the need for a platform that could accommodate multi-asset portfolios more effectively than spreadsheets and manual processes.
Initially designed for family offices, the platform now caters to a wider audience, including individuals and wealth managers.
Adoption across different markets
1fs has seen varying levels of adoption in its target markets. Console-Verma highlighted the swift decision-making culture in the US, where clients are more likely to embrace new tools quickly.
In the Middle East, demand has been strong, particularly in hubs like Dubai and Abu Dhabi, while the UK market has been slower to adopt similar technologies. He attributed this to differing levels of awareness and readiness for digital wealth management solutions.
Supporting collaboration
As a sponsor of the Fintech Awards London, 1fs supports efforts to bring together innovators and promote industry-wide collaboration. Console-Verma touched on the importance of structured programmes like these in encouraging new ideas and providing credibility to participants through a formal evaluation process.
Reflecting on his entrepreneurial journey, Console-Verma also stressed the importance of persistence and passion in overcoming challenges. He also noted the value of assembling a team that shares the company’s vision, particularly in a startup environment where attracting top talent can be difficult without significant resources.
Looking ahead, 1fs has plans to refine its platform and expand its reach, addressing the needs of a diverse client base ranging from individual investors to large family offices.
