Diversified financial services group Omniwealth has used Republic Wealth's robo-advice service in developing a new fully-automated investment account.
The investment account, Omniwealth Direct, can be opened in 10 minutes, on which investors receive an OpenMarkets or Macquarie Bank trading account and cash management account in their name.
This is followed by an investment in a basket of exchange-traded funds (ETFs), from providers that include BlackRock, Vanguard and iShares, which are run by the Republic Wealth investment committee, an Omniwealth statement said.
The process includes metric profiling through risk-profiling firm Finametrica to deliver algorithmic outcomes for investors.
Omniwealth group managing director Matthew Kidd said: "Non-advised investments such as Omniwealth Direct work hand in glove with advised portfolios as it allows us the ability to service all investors and not just those who can afford direct advice.
"We are certain of the success of automated advice in Australia because of the strong take-up in the US where US$30 billion of investor funds have already been placed into large, automated advice models over the last three years."
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