YBR unveils robo-advice modelling tool
Yellow Brick Road (YBR) has launched a robo-advice modelling tool in a bid to disrupt financial services by giving consumers more control over "their financial future".
Known as ‘Guru', the modelling tool was first introduced on a pilot basis in June and has been progressively rolled out by YBR to its branch network.
With over 50 YBR branches now providing Guru sessions, executive chairman, Mark Bouris, said the company's network has been quick to embrace the implementation of robo-advice modelling due to the significant value proposition it represents to clients.
"Eighty per cent of Australians don't have a financial plan because they see it as cost prohibitive and confusing," Bouris said.
"Guru provides a powerful introduction by breaking down those barriers and gives simple solutions without the usual price tag."
Guru works by calculating the likelihood of a user achieving their financial goals based on their present financial situation today, with the interface allowing users to adjust money flows to view a variety of personalised outcomes.
Bouris confirmed the initial Guru session has been made free to clients and will be facilitated by a YBR "money coach". All customers will receive a roadmap that captures the user's full financial situation as well as suggestions for actionable changes that users can make to achieve their goals.
"Now with a growing footprint of branches across the country being trained up as Guru money coaches, we are ready to push on the accelerator and launch it to the wider market," Bouris said.
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