IRESS releases automated personal advice solution and announces implementation with WA Super
IRESS has today announced a new automated personal advice solution allowing super funds to service members wanting superannuation advice digitally. The multi-advice, multi-channel solution, drawing on information within the fund registry, allows members to set their retirement objectives, review projections and then make choices to optimise their retirement outcomes. Members are provided with a statement of personal advice and can choose to action the recommendations using the solution and monitor progress. Members can also receive automated personal advice for wealth protection, savings and debt management. WA Super has become the first superannuation fund to implement the solution to deliver a personal advice service for retirement planning through its online member […]
Women shun financial advisers in favour of money advice from robots
Robo-advisers are reporting a substantial spike in the number of female investors, citing a “perfect storm” of the fallout from the banking royal commission and the empowerment of the #Metoo movement. Six Park reveals that accounts held solely by women have more than doubled in recent months to sit at 40 per cent, up from 20 per cent in January. The firm delivers financial advice online using algorithms and technology in place of a human financial adviser. The greatest number of Six Park accounts are held by 26-35-year-olds and 35-50-year-olds. Average account sizes are $31,761 and $43,342 respectively. Across all ages, the average amount invested by females is almost $55,000. […]
Advice Intelligence launches new world financial planning technology
Advice Intelligence (a.i.) has launched Version 1.0 of it’s software platform to financial advisers across Australia.
Wisr launches employee financial wellness solution: Wisr @ Work
Neo lender Wisr has launched a financial wellness program aimed at helping businesses combat one of the biggest causes of workplace stress, personal financial difficulties. Called Wisr @ Work, this program allows businesses to provide staff with online tools, education materials and debt reduction applications to help employees take control of their money and improve financial wellness. According to a Wisr survey of 250 Australians, it was found 48% of employees had experienced stress in the workplace because of their personal financial situation. Almost 65% said they had experienced feelings of anxiety or panic at work because of monetary issues, whilst 43% said it impacted their productivity and 35% had […]
Pensioners prime market for robo-advice
There is considerable opportunity to provide robo-advice to pensioners seeking affordable, accessible and personalised advice, according to GlobalData. The company’s 2017 Life & UK Pensions Survey found that 63 per cent of individuals accessing financial advice used it to discuss pensions, which usually was through visiting online platforms that provided automated advice. GlobalData pointed to the cheaper fees and ability to engage with services more frequently through robo-advice as key to its appeal to pensioners. Insurance analyst for GlobalData, Danielle Cripps, said that pension providers should look to robo-advice to offer assistance on not just saving for retirement, but also helping people at and in retirement. To read more, […]
Australian millennials have taken to robo financial advice
Australian millennials are dominating when it comes to using robo-advice to get ahead with their money, according to the latest Robo-advice Report from Investment Trends. The study is based on a survey of 10,000 online investors and 1,425 financial advisers between February and December 2017 across Australia, the US, the UK, Spain, Germany, France, Singapore and Hong Kong. In Australia, robo-advice has gained significant recognition among the Australian online share investor population, with 22% saying they are familiar with these services. Only in the US, where the bulk of innovation in robo-advice is taking place, is familiarity with robo-advice significantly higher (39%). “The Australian financial services industry is ripe for […]
Putting the service back into ‘Financial Services’
Founded in 1998, well before Fintech had emerged as a moniker for disruptors in the finance industry, OFX (formerly OzForex) has been at the forefront of international money transfer services for nearly 20 years. From humble beginnings in a garage in Dee Why, the company has grown from an information only facility, providing up to the minute insights to the best available foreign exchange rates, to a global organisation, handling over $100B in transactions. Fuelled by a desire to ‘give Australians a fair go’ when it came to foreign exchange, the Company has consistently stuck to its ‘fair go’ and ‘great service’ roots. Developing partnership networks with a panel of […]
Eight of 10 Australians don’t get financial advice. Is technology the answer?
About eight in 10 adult Australians are not receiving financial advice, even though many would benefit. Despite surveys showing how stressed many of us are about money, it’s a figure that hasn’t changed over the past 25 years. Many people are put off by the cost of face-to-face advice, they’re concerned that products would be pushed or they perceive a lack of independence within some parts of the financial planning industry. Sometimes people find some advisers are not very interested in talking to clients who don’t have substantial wealth to invest. Those behind “robo-advisers”, which provide automated advice, say technology can reduce the advice gap by making the advice cheap. […]
