Robo-adviser Six Park launches with Brian Watson, Lindsay Tanner and Paul Costello on Advisory Board

Robo-adviser Six Park launches with Brian Watson, Lindsay Tanner and Paul Costello on Advisory Board

Australia’s pre-eminent financial experts have joined the next generation of automated financial advice providers with the launch of robo-adviser Six Park.

 

Six Park’s team includes former Federal Finance Minister Lindsay Tanner, founding chief of the Future Fund Paul Costello and Six Park co-founder and former J.P. Morgan Australia Chairman Brian Watson on the company’s Advisory Board.

 

Six Park has raised $1.4 million in seed funding pre-launch and combines the use of cutting edge technology with more than 100 years of investment expertise and wisdom led by co-founders Patrick Garrett (CEO) and Mr Watson (Chairman of Advisory Board).

 

Independently-owned and operating in beta-mode for over a year to test and refine the service and user experience, it has more than $2 million of funds under management at launch.

 

The platform allows investors to create their own professionally managed, globally diversified portfolio of ASX-listed index funds to suit their risk profile.  While providing a highly professional service, Six Park is also a low-cost provider, with total fees averaging well under 1 per cent per annum.

 

“The Australian investor market is crying out for a robo-advice model. The saving of 1 to 2 per cent per annum our model provides compared to more traditional money management will make a huge difference to the retirement savings of many Australians, and is even more important than ever given the low return world we are facing for the foreseeable future,” Mr Watson said.

 

Six Park’s active Advisory Board is one of the most qualified groups of experts advising an investment service of any kind available in Australia.

 

It meets monthly to review Six Park’s asset allocations, assess global market conditions and help refine the company’s overall strategy.  Importantly, the Advisory Board convenes during times of extreme market volatility or distress, to consider appropriate investment management decisions.

 

“During my 30 years experience in the financial sector, mainly with J.P. Morgan in New York, I have been personally involved as an investor or underwriter in all of the asset classes Six Park invests in,” Mr Watson said.

 

“When you add to that the expertise in portfolio construction I was exposed to at the Future Fund, and the skills and experience that Paul Costello, Lindsay Tanner and the management team bring to the table, I believe we have a unique product to offer the Australian money management scene.”

 

Six Park co-founder Patrick Garrett was inspired to create an automated product largely due to the mounting evidence of abuse in the market.

 

“Too many investors are being overcharged and neglected by an industry that should serve investors’ needs, not those of the large institutions,” Mr Garrett said.

 

“For consumers, there is a glaring lack of trust in the investment management industry.  The Six Park service combines the right people with an innovative service to rebuild that trust, at a low price.  Professionally managed robo-advisors are now embraced in the US and elsewhere, so it’s time that Australians benefit from a service like Six Park as well.”

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