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.
“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.
Money Management is currently investigating the rise of managed accounts. Complete the survey here and go in the running to win a bottle of Penfolds Grange Hermitage wine.
Recommended for you
Financial advice platform Otivo has made an experienced appointment from the US as its head of product strategy.
Apostle Funds Management has appointed the newly created position of director, head of wholesale as the firm expands its Australian footprint in the wholesale sector.
Recruitment manager Robert Half has shared the most in-demand roles in financial services that firms are finding difficult to fill, driven by ASIC’s growing focus on risk and compliance.
ASIC chief executive, Warren Day, is among senior executives to depart the corporate regulator amid changes to its leadership team.
