Robo-adviser cuts fees to zero
Automated investment adviser and fund manager, Stockspot, said it has eliminated advice fees for investment portfolios under $50,000, so more Australians could access advice.
Automated investment advice, or robo-advice, had grown in popularity in the US and UK, to US$50 billion funds under management.
Stockspot founder and chief executive, Chris Brycki, said: "We eliminated the annual advice fee for all clients investing less than $50,000, with less complex advice needs. Clients need the same quality personalised investment recommendations, but lower fees help them grow their savings faster and encourage more Australians to invest".
"If we can attract more people to invest through lower and fair price structures we're achieving what we set out to do," he said.
Recommended for you
Bell Financial Group has appointed a chief investment officer who joins the firm from Clime Investment Management.
Private markets funds with “unattractive practices” could find themselves facing enforcement activity with ASIC chair Joe Longo stating he cannot rule it out in the future.
Despite ASIC concerns about private credit funds being accessed via the advised channel, there are questions regarding how high its usage actually is among financial advisers.
Challenger has looked to the superannuation industry for its appointment of a group chief investment officer, a newly-created role.
