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Robo-advice platform powers financial advice firm Collins House

Robo-advice platform Clover.com.au has entered an agreement to provide proprietary online financial advice and wealth management technology to private wealth firm, Collins House.

Clover chief executive officer and co-founder, Sahil Kaura, said the platform would algorithmically assess information provided by customers to determine if a managed discretionary account (MDA) service was appropriate on a case-by-case basis.

Where a MDA service is deemed appropriate, each user would receive a recommended investment program, documented within a statement of advice.

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“We’ve developed the technology to take the flexibility and transparency of a MDA service beyond self-managed superannuation funds and high net-worth individuals and make it available to a much wider range of investors.”

Referencing a Productivity Commission draft report that said 48 per cent of Australians have unmet advice needs, Collins House managing director, Dominic Alafaci, said the firm would leverage off the state-of-the-art technology, and provide Australians with an affordable service to cater to them.

“More Australians could benefit from receiving financial advice,” said Alafaci. “However, those who try are too often ignored because they don’t have enough investible funds, or are poorly serviced by the financial industry, as the revelations during the Royal Commission have shown.”

The new service, Collins House Online Investment Services (CHOIS) has been scheduled to launch early in the new financial year.

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