Robo-adviser Stockspot has announced its move into artificial intelligence (AI) and machine learning with the launch of its new ‘digital financial assistant’, which will coach investors on making better investment decisions.
Stockspot said in a statement it has become the first investment adviser platform in Australia to integrate AI into financial advice.
The AI functionality works by analysing data from thousands of clients to make targeted recommendations. As it learns, the ‘assistant’ will help investors optimise their portfolio and coach them on making better investment decisions, the statement said.
The ‘assistant’ is part of Stockspot’s launch of an investment dashboard aimed at giving clients more control over their investment experience and simplifying tax reporting processes.
“We can now analyse the investment behaviours of thousands of clients and use that information to drive better investment decisions for everyone,” Stockspot chief executive Chris Brycki said.
“When investing, your biggest enemy is often yourself; having digital financial assistance there to guide you will stop clients from making common investment mistakes,” he said.
“Machine learning is in its infancy but it will change the investment and financial advice landscape. It will be like having a financial expert on call 24/7 that clients can access on their own terms. This level of personal advice has only been available in the past to the privileged few.
“We see Artificial Intelligence and machine learning as robo-advice 2.0 – it is the future of digital advice,” said Mr Brycki.
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