A robo-adviser, with a goal of re-building investor trust with low-cost services, has announced its launch in Australia.
In a statement, Six Park also announced the members of its advisory board, which include former federal finance minister Lindsay Tanner; Paul Costello, founding chief of the Future Fund; and Brian Watson, Six Park co-founder and former JP Morgan Australia chairman.
Six Park has more than $2 million in funds under management at launch, the statement said, and offers a platform that allows investors to create their own managed portfolio of ASX-listed index funds.
The platform is also low-cost, with total fees averaging less than 1 per cent per annum, Mr Watson said.
"The Australian investor market is crying out for a robo-advice model," he said.
"The saving of 1 to 2 per cent annum our model provides compared to more traditional money management will make a huge difference to the retirement savings of many Australians, and is even more important than ever given the low return world we are facing for the foreseeable future."
Patrick Garrett, also a Six Park co-founder, said he was inspired to create an automated solution after seeing "mounting evidence of abuse in the market".
"Too many investors are being overcharged and neglected by an industry that should serve investors' needs, not those of the large institutions," he said.
"For consumers, there is a glaring lack of trust in the investment management industry. The Six Park service combines the right people with an innovative service to rebuild that trust, at a low price.
"Professionally managed robo-advisors are now embraced in the US and elsewhere, so it's time that Australians benefit from a service like Six Park as well."
Six Park's board meets monthly to review the company's asset allocations, assess global market conditions and help refine the overall strategy, the statement said.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 12 Nov 2018InvestSMART launches maxed feesBy Sarah Simpkins
- 13 Nov 2018Advice demand soaring despite reputation hitBy Adrian Flores
- 12 Nov 2018Former premier, advisers sound alarm on sex discriminationBy James Mitchell
- 12 Nov 2018Labor franking credit plan slammed by inquiry chairBy Eliot Hastie
- 12 Nov 2018Finance sector rife with data breachesBy Adrian Flores
- 9 Nov 2018CBA blames industry misconduct on licenseesBy James Mitchell
- view all