Powered by MOMENTUM MEDIA
moneymanagement logo
 
 

Has robo-advice stalled on the Australian launchpad?

Robo-advice/investment-trends/raiz/Recep-Peker/stockspot/spaceship-voyager/

19 June 2020
| By Mike |
image
image image
expand image

For a long time so-called “robo-advice” was being touted as the way of the future for Australian financial planning, but new data from Investment Trends shows that it has barely taken off. 

The latest Investment Trends Robo-advice Report, released this week, has confirmed the adoption of robo-advice in Australia remains significantly behind established markets like the US. 

How far behind? Well according to the Investment trends data, penetration in Australia is just 7% compared to 23% in the US. 

Indeed, it seems that Australia might be traversing its own path where robo advice is concerned, with the growth of micro-saving and investing apps such as Raiz. 

Investment Trends research director, Recep Peker said Raiz’s popularity highlighted the appeal of micro-savings functionality among Australian investors. 

“For other robo-advice providers, brand awareness appears to be an issue, with less than 12% of Australian online investors saying they are aware of providers like Stockspot, Spaceship Voyager, Clover or Sixpark, respectively,” he said. 

“Nonetheless, there is significant scope for growth with 38% of Australian online investors considering using robo-advice in the future. The recent launch of solutions like CommSec Pocket and Peker said. 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

The succession dilemma is more than just a matter of commitments.This isn’t simply about younger vs. older advisers. It’...

1 day 22 hours ago

Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...

3 weeks 5 days ago

It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...

1 month ago

After last month’s surprise hold, the Reserve Bank of Australia has announced its latest interest rate decision....

4 weeks ago

ASIC has released the results of the latest adviser exam, with August’s pass mark improving on the sitting from a year ago. ...

4 days 16 hours ago

While the profession continues to see consolidation at the top, Adviser Ratings has compared the business models of Insignia and Entireti and how they are shaping the pro...

1 week 6 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND