Wealthy investors may soon be in the market for automated solutions, after proposed changes to superannuation have led them to search for cost-effective options, according to robo-advice firm QuietGrowth.
Chief executive Dilip Sankarreddy said while Millennials are known to be early adopters of robo-advice, affluent investors may also soon begin experimenting with these services.
"Now, with proposed changes to superannuation, wealthy individuals in Australia are on the lookout for alternative structures in which to continue to accumulate wealth for the long-term and, with its low costs, diversified and transparent approach to investing, we believe our automated investing service is ideally placed to provide wealthy clients with the right solutions," he said.
"As superannuation no longer provides high net worth individuals with an unlimited, tax-efficient wealth-accumulation vehicle, low-cost investing will gain more traction."
QuietGrowth director Krupakara Chinnasani added that the proposed changes to super have placed pressure on traditional players to justify the fees they charge.
"We are observing that a sizeable section of high net worth individuals with significant investable assets are savvy investors, and are looking out for low-cost solutions such as ours," he said.
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