The digital service, called Otivo, is a fully compliant and automated online financial advice platform which recently launched. The platform was created by former private banker and financial planner Paul Feeney, chief executive and co-founder of Otivo.
Users can access advice from Otivo on life insurance, investments including managed investments and shares, superannuation and retirement planning.
Otivo provides bespoke plans that help customers work towards paying off debt quicker, reaching savings goals, boosting superannuation, supporting investment advice and working out insurance needs. Otivo focuses on the individual needs of each client and also provides tips.
A personalised dashboard provides customers with an overview of their finances in one spot, helping them with debt, savings, insurance, investments and super. The platform also automatically updates its advice to match any changes to its customer’s circumstances.
Mr Feeny explained that SMSF investment strategies are part of the pipeline of activity at Otivo. At the moment the platform can provide advice to SMSF trustees around the value of their fund and whether they have enough in their fund to sustain themselves in retirement through the algorithms it uses.
Mr Fenney said he hopes the service will help fill the financial advice gap for Australians.
“For too long, many Australians have been forced to navigate the complicated world of personal finance by themselves. That’s why we created Otivo — an easy to use platform that makes financial advice available to everyone, no matter their age, postcode or salary,” he said.
Former federal member of parliament and chair of Otivo Bernie Ripoll said this technology is what the majority of Australians have been craving.
“Otivo’s launch comes off the back of recent conversations in Australia that highlight the increasing cost of financial advice that now averages $5,334 per client,” said Mr Ripoll.
Mr Feeny said that even for SMSF trustees, superannuation can feel very complicated with all the different rules and industry jargon.
“When you sign up to Otivo, you provide us with your personal financial status. We then take this information to map out goals, including retirement goals, letting you know for example how much extra money you could be putting into super, and what the long term benefits could be. What we find, is that most Australians could be topping up their superannuation right now, and that this will help them significantly in the long term,” he explained.
“We work with you to project the future value of your self managed super, and then use our unique algorithm to ascertain if this is enough to sustain you in to your retirement based on your current spendings. What we know, is that time is often the biggest asset we have when it comes to wealth generation, and most of us don’t pay attention to super until we are a few years away from retirement.”
Premium service is less than $300 per annum. Now that is cheap financial advice