The digital service, called Otivo, is a comprehensive, fully compliant and automated online financial advice platform which recently launched. The platform was created by former private banker and financial planner Paul Feeney, chief executive and co-founder of Otivo.
Users can access advice from Otivo on life insurance, investments including managed investments and shares, superannuation and retirement planning.
Otivo provides bespoke plans that help customers work towards paying off debt quicker, reaching savings goals, boosting superannuation, supporting investment advice and working out insurance needs. Otivo focuses on the individual needs of each client and also provides tips.
A personalised dashboard provides customers with an overview of their finances in one spot, helping them with debt, savings, insurance, investments and super. The platform also automatically updates its advice to match any changes to its customers’ circumstances.
Mr Fenney said he hopes the service will help fill the financial advice gap for Australians.
“For too long, many Australians have been forced to navigate the complicated world of personal finance by themselves. That’s why we created Otivo — an easy to use platform that makes financial advice available to everyone, no matter their age, postcode or salary,” he said.
Former federal member of parliament and chair of Otivo Bernie Ripoll, said this technology is what the majority of Australians have been craving.
“Otivo’s launch comes off the back of recent conversations in Australia that highlight the increasing cost of financial advice that now averages $5,334 per client,” said Mr Ripoll.
