Has robo-advice stalled on the Australian launchpad?

Robo-advice/investment-trends/raiz/Recep-Peker/stockspot/spaceship-voyager/

19 June 2020
| By Mike |
image
image
expand image

For a long time so-called “robo-advice” was being touted as the way of the future for Australian financial planning, but new data from Investment Trends shows that it has barely taken off. 

The latest Investment Trends Robo-advice Report, released this week, has confirmed the adoption of robo-advice in Australia remains significantly behind established markets like the US. 

How far behind? Well according to the Investment trends data, penetration in Australia is just 7% compared to 23% in the US. 

Indeed, it seems that Australia might be traversing its own path where robo advice is concerned, with the growth of micro-saving and investing apps such as Raiz. 

Investment Trends research director, Recep Peker said Raiz’s popularity highlighted the appeal of micro-savings functionality among Australian investors. 

“For other robo-advice providers, brand awareness appears to be an issue, with less than 12% of Australian online investors saying they are aware of providers like Stockspot, Spaceship Voyager, Clover or Sixpark, respectively,” he said. 

“Nonetheless, there is significant scope for growth with 38% of Australian online investors considering using robo-advice in the future. The recent launch of solutions like CommSec Pocket and Peker said. 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 3 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 4 weeks ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

1 week 5 days ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

2 weeks 3 days ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

3 weeks 1 day ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND