AFL great says Hayne will help robo-advice make mark
The findings of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry could play into the hands of robo-advice, reckons Ted Richards, the former AFL great turned director at Australian robo-advice platform Six Park Asset Management.
“The royal commission has been sad for certain parts of Australia, but a fantastic opportunity as well,” the former Essendon Bombers and Sydney Swans player says. “We’ve been able to receive a lot of attention off the back of the (Hayne) inquiry.”
Richards expects Commissioner Kenneth Hayne’s report and its ramifications to upset the traditional advice delivery model.
“Robo-advice really grew in the US on the back of the financial crisis in 2008, where there were people overpaying for underperformance,” Richards says. “There wasn’t that real shake-up in Australia, with banks being quite resilient at the time, and we think this royal commission could be the shake-up in the industry that the US experienced a decade ago.
“We think it will create an awareness of what people are paying and what they’re getting in return.”
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