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SMSF firm launches robo-advice tool

Miranda Brownlee
31 May 2016 — 1 minute read

A financial services firm has partnered with an automated investment advice provider to launch a robo-advice service designed for SMSFs and retail investors.

Omniwealth has developed the tool, titled OmniwealthDirect, in conjunction with Republic Wealth, an automated investment advice provider.

According to Omniwealth, the software only requires about 10 minutes from opening the account to receiving bank account details, and the portfolio is invested as soon as the client’s funds enter the trading account.

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The robo-advice tool will offer a range of ETFs from various providers, including BlackRock, Vanguard and iShares.

Republic Wealth already operates an array of portfolios that range from conservative through to high growth.

“The portfolios are mapped to the risk survey that clients complete using well-respected risk profiler Finametrica,” Republic Wealth said.

Omniwealth group managing director Matthew Kidd said automated advice allows investors such as wealth accumulators, high net wealth investors and SMSFs to passively invest, locally and internationally, at a fraction of the normal cost, due to the lack of involvement by a third-party such as a financial adviser or broker.

“Non-advised investments such as OmniwealthDirect work hand in glove with advised portfolios as it allows us the ability to service all investors and not just those who can afford direct advice,” said Mr Kidd.

At the end of the process, the investor receives a statement of advice and an MDA agreement, Omniwealth said.

The tool also provides performance information 24 hours a day on all devices, including iPhone and tablets.

“We are certain of the success of automated advice in Australia because of the strong take-up in the US where US$30 billion of investor funds have already been placed into large, automated advice models over the last three years,” said Mr Kidd.

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Miranda Brownlee

Miranda Brownlee

 

Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.

Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates. Miranda has also directed SMSF Adviser's print publication for several years. 

Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.

You can email Miranda on: This email address is being protected from spambots. You need JavaScript enabled to view it.

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