KB Securities Opens IRP Advisory Service with Uprise Investment Advisory

KB Securities announced on the 30th that it has collaborated with Uprise Investment Advisory to launch a personal retirement pension (IRP) advisory service on Uprise Investment Advisory's 'Dundun' app.

As of the end of 2023, the accumulated funds of IRP amount to 75 trillion KRW out of the total 382 trillion KRW in domestic retirement pension funds. The growth rate of accumulated funds compared to the end of 2022 is 31.2%, which is higher than the defined contribution (DC) plan at 18.1% and the defined benefit (DB) plan at 6.7%, indicating increasing interest from investors. In response, KB Securities launched the IRP advisory service in collaboration with Uprise Investment Advisory.

The newly launched service is available through KB Securities' IRP account opening and existing IRP accounts on Uprise Investment Advisory's Dundun app, and it can also be used by transferring IRP accounts from other companies. Customers can receive suitable portfolios after signing an advisory contract on the Dundun app and can place purchase orders according to their choices.

The asset allocation algorithm used in the IRP advisory service by Uprise Investment Advisory passed the Financial Services Commission's robo-advisor testbed in June of this year.

In addition to this IRP advisory service, KB Securities and Uprise Investment Advisory have launched services such as ▲personal pension management services with tax benefits and automated investment services based on global asset allocation strategies ▲automated investment service for minors called 'Dundun Junior,' which have received positive responses from customers. In the future, they plan to expand and provide advisory services for Individual Savings Accounts (ISA), comprehensive brokerage accounts, and personal pension package advisory services.

Ha Woo-sung, Head of Digital Business Division at KB Securities, said, "Through the launch of Uprise Investment Advisory's IRP advisory service, we expect to help KB Securities customers manage their assets stably for their retirement," adding, "KB Securities will continue to collaborate with fintech companies to introduce innovative and differentiated financial services."