Using apps and other digital channels, the US firm says it is launching a new RIA to reach new audiences.

Elements, a US platform for financial advisors, is to launch a new digital RIA for “consumers who don’t fit into the traditional wealth management model,” it said yesterday.

Called Elements Money, the RIA will involve partnership and co-branding with advisors so they can extend Elements Money as a service option for prospects and clients who aren’t good fits for their businesses today.  Elements Money uses the intuitive Elements scorecard and mobile app, streamlining the process for clients to provide and translate their financial data. 

“This new way of serving clients aims to bridge the gap and provide access to professional financial advice for individuals with modest assets or relatively simple financial situations,” Elements said.

“Elements has developed this creative model in response to advisors’ feedback,” Reese Harper, Elements’ CEO, said.

“They often want to offer a more affordable, scalable service to clients who don’t fit the usual wealth management mold today but could be great clients some day; however, their time constraints make it really hard to do so. With this in mind, we've created a platform where advisors can offer their prospects or clients a more cost-effective option for guidance while still maintaining a presence in the relationship,” Harper said.

Elements Money will offer two options:

-- A free basic membership route, designed for individuals who have money questions but aren’t ready to invest in financial advice; and

-- A paid premium membership geared toward individuals ready for more financial and investment guidance. It aims to address financial questions, open investment accounts, and hasten the transition to a full-service financial planning relationship with the referring advisor.