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Mercer moves to consumer-driven robo-advice

Cloud-based advice platform provider Decimal has signed a contract with Mercer that will see it provide consumer-driven robo-advice, allowing consumers to drive the advice process from start to finish.

The new commercial contract will see an extension of Decimal's relationship with Mercer, representing a move from its offering adviser-driven robo-advice to consumer-driven robo-advice.

According to a Decimal statement on the ASX yesterday, "consumer-driven robo-advice means that the consumer drives the advice process from issuance to execution".

Since its launch in June 2015, the value of funds advised using Decimal's consumer technology has grown to over $1.2 billion.

"The new contract with Mercer is a fantastic validation of Decimal's consumer-driven robo-advice technology," Decimal chief executive Nic Pollock said. "We believe that Decimal is currently the only company with the capability to provide consumer-driven robo-advice to customers quickly and efficiently."