Otivo sees 40% growth over 6 months
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.
AUTHOR
Jasmine Siljic
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
