In an email to ifa, the group said ‘OwnersAdvisory’ will operate under a flat fee-for-service model.
It will offer advice across standard asset classes, cash, fixed income, equities, commodities and alternatives – all based on an investor’s profile, goals and risk appetite.
Investors with OwnersAdvisory 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, according to Macquarie.
“More than 80 per cent of Australian adults don’t currently access professional financial advice. We want to encourage unadvised Australians to become more engaged in managing their finances and investments,” said John O’Connell, chief investment officer at Macquarie’s banking and financial services division.
“OwnersAdvisory combines technology with Macquarie’s vast market intelligence and insights to inform and serve a whole new group of investors operating without traditional advice. We see this as complementing the industry by engaging with the 80 per cent of Australians who don’t currently receive advice.
“This is an exciting time for the industry. Investors are becoming increasingly empowered by the new opportunities technology is providing to help them manage their own investment strategies online, and they want quality advice and market insights to guide their choices.”
Macquarie’s move into digital advice comes just after NAB rolled out its free-to-use digital advice platform, NAB Prosper, to 40,000 customers in October.
Spot on, Jimmy.
I wouldn’t say I am actually against the idea of fee disclosure and opt in (Could have been done better) but the fact that it does not extend to the actual clients that need it is a joke.
There are plenty of advisers sitting on old books making huge money providing zero service with clients in archaic, terrible products. That is what opt in and fee disclosure needs to target, its done the opposite.
[quote name=”Jimmy Neutron”]Agree Gerry. It just goes to show how dumb the politicians are and how little they understand how the sector operates when you have to provide FDS letters to clients who can see their fees being taken from their bank account or super statement. Fees that the client can turn off whenever they want. Yet if I was sitting on an old book and simply picking up the trails i dont need to do anything. The clients don’t know whats being paid and I don’t have to disclose anything. And short of closing the account, the client cant switch off the ongoing comms.[/quote]
Jimmy that IS how things used to be hence we are now where we are. When an industry or profession can not govern itself then regulators step in and over reach. Unfortunately we have no one to blame but advisers from the 90’s for the envirnoment we are in today.
Agree Gerry. It just goes to show how dumb the politicians are and how little they understand how the sector operates when you have to provide FDS letters to clients who can see their fees being taken from their bank account or super statement. Fees that the client can turn off whenever they want. Yet if I was sitting on an old book and simply picking up the trails i dont need to do anything. The clients don’t know whats being paid and I don’t have to disclose anything. And short of closing the account, the client cant switch off the ongoing comms.
Meanwhile…..human advisers are busy issuing FDS’s and opt-in letters and generating 50 page SOAs for basic advice, whilst completing undergrad and postgrad degrees.