Robo-Advice

Apr
08

Ignition Wealth launches “Teams” automated advice technology for Financial Businesses

Ignition Wealth today announced the launch of their new technology solution ‘Teams’, designed to support professional financial businesses as they adopt automated financial advice. Ignition Wealth will lead the presentations at the Melbourne Afiniation Fintech Showcase with the launch of their new Teams product. The Melbourne Afiniation Fintech Showcase will take place on April 14 at the Grand Hyatt Melbourne. CTO Mike Giles will demonstrate the new Ignition Wealth Teams technology to a crowd of over 200 fintech professionals and investors. “The wealth industry has traditionally been heavily paper based and the first opportunity is to bring those processes, including buying and selling of stocks and reporting, into an online […]

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Apr
05

Financial planner and bitcoin entrepreneur launch new robo-advice business

Perth-based financial planner David Pettit has teamed up with well-known Australian bitcoin entrepreneur Zhenya Tsvetnenko to fund and develop a new robo-advice platform that will advise users how to plan their financial lives. Mr Pettit, the founder and managing director of boutique Perth advice firm Advocate Private Wealth, and Young Richlister Mr Tsvetnenko conceived Future Penny six months ago, and have both personally invested, with a range of other investors, to give it $500,000 in development capital. Future Penny would be the latest player in the burgeoning robo-advice sector, which provides financial advice to users generated by algorithms. It will provide information across a broad range of areas including budgeting, […]

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Apr
04

BlackRock mulling Aussie robo-advice launch

BlackRock acquired FutureAdvisor in August 2015 and rolled out the platform to financial institutions as a business-to-business service. BlackRock Australia’s head of iShares Jon Howie told InvestorDaily he believes Australia needs FutureAdvisor now. “As always with a large organisation we have to be conscious about how thinly we spread ourselves and so at the moment the focus is on getting the US application of that opportunity right,” Mr Howie said. “I can tell you that internally everyone around the world is putting their hand up and saying, ‘We can make this work in our market’. “BlackRock Australia needs the platform immediately, because it will take some time to tweak the […]

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Apr
01

Decimal to roll out robo-advice for instos

Decimal has announced today it will launch two robo-advice packages designed to help big businesses break into the emerging automated advice market sooner. In a statement, the company said Eqilize is a solution geared towards superannuation and financial institutions that want to offer clients robo-advice but do not have the resources to build their own. At the same time Decimal introduced Tentalon, a “fully customisable technology stack” that allows businesses to create purpose-built solutions. Eqilize will be presented to the industry at an event on 28 April, while Tentalon will be rolled out for major banks in early May, the statement said. Decimal chief executive Nic Pollock said the two […]

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Mar
31

Can robots terminate the human adviser?

Financial planners and advisers would scoff at the idea of an automated system, or a robot, providing financial advice to clients based on answers to a few questions and the click of a button. Moreover, advisers are apprehensive of consumers embracing the do-it-yourself approach to investing, arguing that it is impossible for consumers to navigate complex investment choices and the myriad of financial products without guidance from trained advisers. Financial planning dealer group, Wealth Today’s managing director, Greg Pennells, recently labelled robo-advice a ‘cop-out’, and called on the corporate regulator to ban the technology. He said technology is useful for transactional services like buying and selling shares, stockbroking, mortgages, or […]

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YBR makes digital acquisition – brightday

Mortgage and wealth franchise Yellow Brick Road (YBR) has bought online advice platform brightday from News Corp. YBR executive chairman Mark Bouris says the addition of brightday is the latest in a series of acquisitions and announcements to deliver on the company’s digital strategy. “This acquisition is a key part of our direct and online strategy to be launched to consumers in FY2017,” Bouris said. “brightday serves a similar customer segment to Yellow Brick Road. Our 2020 customer strategy ensures we can service customers via the means and channel they prefer: many will prefer face-to-face support which is why we will double our branch network by 2020, white others have […]

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Mar
29

How to embrace change and survive digital disruption

Digital disruption is a trend that’s here to stay and no industry is safe. Traditional industries like manufacturing, transport, retail, tourism and hospitality, print media and entertainment may have been hit first, and hit hard, but it’s only a matter of time before others, including the advice industry, feel the heat. The banking and finance industry could lose almost a quarter of its revenue to fintech disrupters by 2021, based on a new report by PricewaterhouseCoopers. The report, ‘Blurred lines: How Fintech is shaping financial services’, says the disruption of the financial sector is already underway. It’s currently reshaping the nature of consumer banking and payments, and a second wave […]

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Mar
23

Robo advisers keen for improved regulation

Digital advice providers have given the thumbs-up to proposals for clearer regulations governing the sector, suggesting they would improve the legitimacy of the burgeoning industry. Josh Golombick, co-founder of robo advice provider CapitalU, said regulation from the Australian Securities and Investments Commission will “really put the spotlight” on robo-advice. “Maybe a lot of people may not have even heard of robo advice before this regulation came out – it just legitimises it further,” he said. Digital or robo advice involves the provision of simple to complex financial plans which are created using algorithms and technology. Research by KPMG show robo advice platforms will manage around $US2.2 trillion worth of assets […]

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