Mike Free has sold his stake in Sammedia to a consortium of private investors led by Mik Cons, one of the founders of 1st Software. In the deal Mike Free has stepped down as CEO of Sammedia and has left the company. He is moving on to explore new opportunities particularly surrounding visualisation of key processes in delivering financial services to the mass market consumer. As a part of the deal Sammedia has sold its stake in Suitability Solutions to Mike Free who will become a director of this business.
Mik Cons, the new CEO of Sammedia, says “I am really excited about the opportunities within the marketplace for delivering advice online. Adviser firms need the ability to deal with their clients in the way that most suits the client. Increasingly all of us are using online services every day for banking, retail and groceries. It’s about time we delivered advice in this way too. Most contact with clients will be online within 5 years with telephone support and face to face meetings still a crucial part of the mix. We will aggregate the data, display it in a ‘sexy’ user-friendly interface and then deliver services alongside to enable firms to deliver advice in a cost competitive fashion to a wide client base.”
Mike Free, comments, “I’m pleased for my colleagues at Sammedia who have a great opportunity to move the business forward at what is a very interesting time for the industry. I am moving on from the business and looking forward to exploring new opportunities to deliver financial services to the consumer. I believe everyone should have access to advice and the only way this is possible is through the internet with tools that steer the client into making their own decisions. Advice is key but the vast majority of people can’t afford an adviser, so it’s imperative we find a way to deliver services to clients in a very cost effective manner and in a way that ensures they understand the decisions they are taking. I’m excited to be working with Neil Bage of Suitability Solutions. We have a unique product and approach to helping consumers understand the decisions they are making and helping the firms selling product to understand the clients who are buying them and ensure only suitable services are sold.”
Notes to Editors
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Sammedia are taking advice online. Advisers must learn to use the web as a means of dealing with their clients cost-effectively. We enable them to do this. Our product moneyinfo removes the cost and complexity of consolidating this information and producing paper valuations. It delivers on demand online access to everything a client considers financial in an easy to understand user experience as part of the adviser’s overall service proposition.