Macquarie targets DIY investors with online advice

Australians who do not receive financial advice are being targeted by Macquarie Wealth Management, with its online OwnersAdvisory service.

Macquarie Wealth Management chief investment officer, John O'Connell, said the online advice model would make quality advice, market updates and insights available to do-it-yourself and self-managed super fund investors.

"We want to encourage unadvised Australians to become more engaged in managing their finances and investments," he said.

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"Technology is offering investors new opportunities to manage their investment strategies online, and they want quality advice and market insights to guide their choices.

"This is an exciting opportunity for consumers. OwnersAdvisory combines technology with Macquarie's vast market intelligence, insights and advisory expertise to inform and engage investors currently operating without traditional advice."

O'Connell said the service would enable users to access general advice, regular market insights and a portfolio health score, based on Macquarie's reviews of investment products.

He added that users will be able to execute trades and implement their advice with any provider and will not need to open or move their funds to a new account to participate.

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