robo advisors

Feb
05

Robo-advice provider inks deal with Class

An Australian robo-advice provider is partnering with Class to enhance its investment and tax reporting facilities. Class chief executive Kevin Bungard said the new arrangement with Six Park is “another great example of an innovative fintech solution which supports investors with effective investment decision-making, providing a daily up-to-date view of investment data and detailed tax reporting.” Six Park is also partnering with SMSF administration provider Heffron so as to offer its clients an automated SMSF management platform. Six Park chief executive Patrick Garrett explained: “While there will always be a place for traditional advice, there is a huge opportunity to use technology and automation to bring professional SMSF administration and […]

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Jan
31

IFM increases stake in Decimal

An Australian-based global fund manager has increased its stake in robo-adviser Decimal, signalling renewed confidence that superannuation funds are embracing digital financial advice. IFM Investors bumped up its holdings in the ASX-listed firm via an ordinary share placement of 28,900,000 at $0.03 per share. This takes its initial 6.5% shareholding to 15%. The placement agreement includes a voluntary escrow agreement which restricts the transfer of shares issued to IFM for 12 months. Decimal chief executive Nic Pollock said the funds will help Decimal continue its push into the superannuation market. “The new commitment from IFM Investors allows us to focus our investment in the successful release of our mobile first […]

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Jan
25

Australian Fintech, Forecast for 2020

Telecoms Market Reports has been published today new report. It provides updated in 2018 year analysis of Telecoms and Computing Industries. Australian FinTech revenue will grow at a CAGR of 76.3% and exceed A$4 billion by 2020, driven by reduced taxes on investments in startups, steady increase in mobile payments, and rise of Tech-savy digital natives. The Australian Fintech Sector generated A$247.2 million in 2015. Sharp growth in the Fintech market in 2016 and 2017, followed by steady increases through to 2020, is likely spur growth. This research defines the Australian FinTech sector as comprising three market segments: digital payments, personal and business finance, financial infrastructure and data analysis. Each […]

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Jan
15

Artificial intelligence has arrived in investing but humans are still dominating

Machines are starting to take the place of the people who flip burgers, drive across town and, lately, manage stock portfolios. Artificial intelligence is taking on a bigger role in making investment decisions. AI, including an ability to analyse data and actually learn from it, is considered useful in executing certain investing models, such as high-frequency trading, and in helping fund managers with tasks that rely on gathering and interpreting reams of information. Going a step further, an exchange-traded fund introduced in October uses AI algorithms to choose long-term stock holdings. It is too early to say whether the AI Powered Equity ETF will be a trendsetter or merely a […]

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Jan
08

Digital advice platform SuperEd gets $5m from financial services veterans

A powerful group of financial services veterans including banker Mark Johnson and Shadforth Financial Group founder Kevin Bailey have invested $5 million into a digital advice platform set up by former Vanguard Australia chair Jeremy Duffield. SuperEd was founded in 2012 by Mr Duffield and former Westpac executive and technology entrepreneur Hugh Morrow, with a mission to help the 80 per cent of Australians who go into retirement without help access cheaper financial advice online. The Sydney-based venture raised over $2.5 million last year from its team and angel investors, and completed the latest $5 million capital raising at the end of 2017, with staff and existing investors making up […]

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Dec
06

Advice industry must think bigger: Netwealth

Australia’s financial advice industry should pay heed to the likes of Facebook, Google and Uber if it is to meet the evolving expectations of clients. Speaking at the inaugural IMAP InvestTech conference in Sydney today, netwealth joint managing director Matt Heine said the advice industry is not thinking big enough, putting itself at risk of being left behind if it doesn’t catch up to the rest of the world. Findings from netwealth’s recent AdviceTech report show advisers identified robo-advice, managed accounts and scaled advice as the top three technologies that will have the biggest impact on advice practices in the next five years. “I’ve got a real issue with this. […]

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Myprosperity partners with $6.2bn platform

Myprosperity has partnered with an ASX-listed investment and superannuation platform provider to give clients whole-of-wealth solutions. Clients can now access HUB24 assets via myprosperity. HUB24 director of strategic development Jason Entwistle said by opening up the HUB24 platform and sharing data, it provides advisers and accountants the freedom to choose the technology solutions that provide the best experience for them and their clients. Former Xero Australia managing director and Myprosperity chief executive, Chris Ridd, said centralising clients’ wealth in one place creates massive opportunities for advisers. “By minimising time spent on administrative tasks, and providing their clients a bespoke wealth portal powered by live data feeds, advisers can grow their […]

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Nov
14

SMSFs in rugby legend’s sights as licensing numbers stagnate

In light of the limited take-up of the AFSL regime for accountants, one fintech and robo-advice oriented firm is ramping up its efforts as a referral partner to accountants looking to provide investment advice, including to SMSFs. Stirling Mortlock, Wallabies captain from 2006-2009, moved from a consulting role at NAB to Stockspot in July this year, with a view to boost distribution to professional intermediaries. The ‘Partners Program’ is now in full swing, and the company is eyeing accountants to secure the business of SMSF clients in particular, in light of the accountants’ exemption phase-out and the extremely low take-up of AFSLs among accountants. “We feel as though it’s a […]

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