Germany's robo-advice market hots up

Dutch banking group ABN AMRO has launched a new wealth management platform, dubbed Prospery, in Germany.

The new platform is powered by Moxtra, and available to retail clients with assets of more than €200,000. The platform integrates several Moxtra capabilities such as secure messaging, video banking, and document collaboration.

Prospery COO Omar el Khamlichi said: “As a new business initiative, Prospery wants to deliver the best customer engagement and continuously evolve based on the wishes of it’s customers. Moxtra fits well with us. They think in possibilities, are an expert in collaboration, and are extremely client oriented. This makes Moxtra the perfect partner for us.”

Prospery includes three propositions- Prospery View, Prospery Coach and Prospery Invest.

Prospery View offers clients an overview of their existing and potential assets, including those of non-ABN AMRO accounts. The service does not charge any fee from clients.

Prospery Invest manages investments of clients based on their risk profile, while Prospery Coach delivers personal coaching to clients by experts via chat or video call. Both these offerings charge fixed fees of €239 every month.

ABN AMRO CEO of private banking Pieter van Mierlo said: “Prospery is a new addition to ABN AMRO’s range of services in the German market. This fully digital service meets a growing need for flexible, individual and independent asset management at a fixed fee.”