Robo-advice using algorithms are replacing financial planners
Robo-advice is part of a new financial marketing system that could chug along without much human intervention and is aimed at giving you a sense of financial security.
Blockchain and others will transform financial advice
The potential for distributed ledger and associated technologies has fundamental, long-term ramifications for financial planning businesses. Planners need to be across these innovations now so that when commercial solutions that use these technologies hit the market, their businesses are ready to embrace them. Distributed ledger technology is a way of recording information that makes it easy to verify. Blockchain, which is the system that records how the virtual currency Bitcoin is stored, is one application of this technology. Shortened Australian Securities Exchange (ASX) transaction settlement times will likely be the first real change to the market from Blockchain. Last year, the ASX invested $14.9 million to acquire 5 per cent […]
Australians are starting to think robot financial advisers might be a good idea
The use of automated investment services, or robo-advice, is still small in Australia but is growing fast. The latest research by analysts Investment Trends shows 27% of online investors have heard of robo-advice, up from 19% just six months ago. Robo-advice, the field of online investment and savings platforms where face-to-face is replaced with automated guidance and execution, is growing via a series of fintech startups in Australia including Stockspot. “Many investors are taking notice of robo-advice, and have an interest in learning more about this potential digital disruptor in the financial services industry,” says Investment Trends research director Recep Peker. “Robo-advice will take centre stage as more solutions become […]
Acurity Online to launch actionable advice solution for superannuation funds
IRESS has accelerated online superannuation portal Acurity Online to draw on IRESS’ advice technology to demonstrate the direction of integration for Acurity and XPLAN, and enhance member engagement. The announcement follows IRESS’ acquisition of Financial Synergy last month. The solutions draw on XPLAN’s multi-channel advice technology. Acurity Online is an online superannuation portal for members, employers, advisers and administrators. It is an API- enabled digital portal that leverages the Acurity superannuation and wealth management registry, which administers approximately four million superannuation accounts and $250 billion in member funds. The solutions were previewed to representatives of superannuation funds and third-party administrators at the Acurity Client Conference in Melbourne yesterday. IRESS’ Managing […]
Ignition Wealth Survey gathers data on financial professionals true fintech needs
Ignition Wealth Head of Sales and Marketing, Richard Liverpool has initiated a series of Ignition Wealth Surveys, seeking to delve deeper into the financial technology needs of Australian financial professionals. “The key to our successful business development is understanding exactly why our B2B customers are passionate about digital financial advice, the benefits for them and the benefits for their clients.”. Richard Liverpool, Head of Sales and Marketing, Ignition Wealth. Ignition Wealth has partnered with Bali’s newest luxury resort, the Movenpick Resort and Spa Jimbaran. Completing the survey gives participants the opportunity to win a four night stay in a luxurious Movenpick Resort and Spa Jimbaran Junior Suite, daily breakfast, […]
Can robots beat humans as financial advisers?
Jason Lim wants to save enough for a deposit on an apartment but was earning next to nothing by having his money with his bank. He wanted to get some advice on where to invest his money, but a traditional adviser was not for him. “I wanted to earn more than I could get with the bank but was not confident about the level of professionalism in financial advice,” Lim says. The 24-year-old from Melbourne opted for “robo-advice” instead. Robo-advice, or automated advice, is provided online as well as usually on smartphones and iPads. Investors answer a series of questions about themselves and, in response, they receive an investment recommendation. […]
An Aussie fintech startup is helping financial advisers fight back in the war against robots
It’s not exactly bleak, but the future for financial advisers – humans ones – is a littler cloudier now than it has been in the past. Cheap roboadvice products are infiltrating the market, offering easy-to-use products, advice and even investing money on a user’s behalf. The key word is “cheap”, as the traditional perception of having a financial adviser is linked to earning a higher than average wage. With more and more people responsible for managing their own retirement funds, roboadvisers give lower wage earners some sense of security about what to do with their savings. But recent studies show roboadvisors are also gaining popularity with high-net-worth investors. They’re not […]
IFAs and accountants seek out robo-advice
Stockspot, Australia’s leading automated investment adviser, has launched its partners programme for advisers, accountants and other professionals. The programme will allow selected financial professionals to partner with Stockspot for their clients. Stockspot will managethe client’s portfolio including all advice, investing, compliance, rebalancing and tax reporting. The IFA or accountant has full visibility of their clients’ portfolios via an online investment dashboard and receives updates on the strategy and client’s financial profile. Stockspot also simplifies tax reporting via its recently announced integration with Class Super. Stockspot CEO and founder, Chris Brycki said: “In the last 12 months, with the increased spotlight on the robo-advice industry in Australia, we’ve had a lot […]
