Otivo sees 40% growth over 6 months

otivo digital advice platform financial advice

1 November 2023
| By Jasmine Siljic |
image
image
expand image

Otivo has reported strong growth over the past six months, driven by a surge in customers and the growing demand for advice. 

The digital financial advice platform has reported a growth of 40 per cent over the past six-month period as well as a significant 62 per cent rise in customer uptake.

Overall, Otivo’s user numbers have risen to more than 90 per cent, with more Australians seeking financial help than ever before. 

Paul Feeney, Otivo chief executive, said the business has ‘heavily invested’ in its team to meet the spiking surge of users on the platform.

“We’re in the early stages of a financial crisis and more needs to be done to arm all Australians with the ability to future-proof themselves, and our mission is to do just that,” he commented.

Otivo also announced the appointment of Catherine Mulholland as head of key accounts, who joined in September. 

“We’re excited to have Catherine Mulholland become a part of the team as Head of Key Accounts at Otivo. She has an impressive resume that will help Otivo continue to serve our key accounts,” Feeney added.

Mulholland holds over 30 years’ experience working with financial advisers and corporate superannuation clients. 

Most recently, she was the manager of mergers and acquisitions at IOOF, now known as Insignia Financial. Prior to this, Mulholland held similar M&A roles at MLC Australia. 

“Australians need access to financial advice more than ever before, and I can’t wait to become a part of the story at Otivo to help provide quality digital financial advice, and help our customers navigate the constantly changing and challenging nature of our economy right now,” she said.

Earlier this month, the platform announced a new core functionality. When a member calls their super fund seeking advice, the fund can use the platform’s intra-fund feature to discuss personalised investment, contribution and insurance options.

Additionally, Otivo’s recent research discovered that 3.5 million Australians (15 per cent) do not know which type of super fund they have. 

Generation Z ranked highest for a lack of knowledge at 24 per cent, compared to 13 per cent of Millennials, 11 per cent of Generation X and 14 per cent of Baby Boomers.

While over 40 per cent claimed they have little understanding when it comes to their super, they wish they could access advice to learn more. 
 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Interesting. Would be good to know the details of the StrategyOne deal....

4 days 1 hour ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 2 days ago

increased professionalism within the industry - shouldn't that say, FAR register almost halving in the last 24 months he...

4 weeks 1 day ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 4 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

2 days 23 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

2 days 2 hours ago