Rivkin needed a solution in order to scale its advisory services.

In the aftermath of the global financial crisis, Australian broker and wealth advisor Rivkin saw a massive influx of new clients. Its personalised service and one-on-one approach to financial advice was a key reason for its success. To be able to service its new larger client base effectively – and continue to offer the tailored advice that was core to its business – the company needed to scale up. Rivkin would have to either bolster staff numbers in its advisory department or invest in new technologies

Challenge: Find a cost-effective solution

Scaling up staff numbers was less appealing to Rivkin due to the higher associated costs, so it started to consider if part of its advisory service and execution could be automated. After some experimentation and significant sparring with Saxo, Rivkin arrived at a solution that was win-win for both parties.



Solution: Develop a corporate app

Rivkin would previously send personalised trade recommendations via emails, for clients to manually call in orders. Orders would then be executed by a dealer; a cumbersome process that was both expensive and potentially error prone.

However, thanks to Saxo’s OpenAPI, Rivkin was able to replace this manual flow with the ‘Rivkin PushTrade’ app. By using our OpenAPI, Rivkin could utilise its clients personal risk parameters and preferences to send personalised advice, in addition to its broadly distributed general advice. Such advice appears in the form of an actionable trade recommendation within the PushTrade app. With a tap, clients can review and accept the recommendations.

Accepted trade recommendations are sent directly back to Rivkin, where dealers take a verifying look to ensure the advice given was tailored to the correct client. As soon as a Rivkin dealer releases the order, it is automatically routed to Saxo via OpenAPI and the trade is booked on the client’s account.

Results:Increased trading activity, lifetime value and ROI

By combining the elements of a traditional broker service with flexible app technology, Rivkin was able to scale up its offering and provide better, more tailored advice to its clients.

This resulted in improved user experiences and a significant increase in trading activity over time. Longer term, the Australian company also saw the lifetime value of its clients increase, which produced a greater return on investment.