Three months after announcing it would enter the robo-advice space, non-institutionally-aligned firm Infocus Wealth Management has rolled out its new direct-to-consumer advice solution, earnie.com.au.
The company said the new solution is available to consumers at no cost and provides “simple, smart investing” advice.
ifa reported in March that Infocus had moved to launch a robo-advice tool after observing successful companies in the US that were providing both automated and face-to-face advice.
In a statement issued yesterday, Infocus chief executive and managing director Rod Bristow said earnie.com.au is not intended to replace human advice.
“Around 80 per cent of the Australian population don’t currently receive financial advice. We are really excited to be launching earnie.com.au today to help bridge this gap,” he said.
“Robo-advice (or more accurately, direct-to-consumer advice) is not about replacing financial advisers, who play a critical role in helping consumers understand and meet their financial goals.
“It’s about offering more Australians choice in the way they engage with advice.”
The new solution will enable users to manage their own investments and seek advice initially through a live chat. It is supported by Morningstar methodology and Praemium investing technology.
Infocus advisers can also use earnie.com.au to explain advice concepts to their clients, the statement said.
“Introducing earnie.com.au complements our existing financial advice operations, which include an extensive national network of financial advisers operating in all states and Territories except Tasmania and the NT,” Mr Bristow said.
Praemium chief executive Michael Ohanessian said: “We are delighted to be extending our relationship with Infocus.
“The combination of Infocus’ quality advice, Morningstar’s direct-to-consumer methodology and Praemium’s robust and sophisticated technology will make it easy for first-time investors to engage meaningfully with financial planning.”
Resolution Life Australasia severs ties with AMP.
AMP and TAA have sought an increase in the cap on life insurance commissions for financial advisers.
The government has announced a post-implementation review of the removal of the stamping fee exemption.
Get the latest news! Subscribe to the ifa bulletin
Get notifications in real time and stay up to date with content that matters to you.