Stockspot said in a statement yesterday that as part of the partnership, the robo-adviser will be responsible for managing the client’s portfolio – including all advice, investing, compliance, rebalancing and tax reporting.
The financial professional will have visibility of their client’s portfolio via an online investment dashboard and will receive updates on the strategy and client’s financial profile.
Stockspot chief executive and founder, Chris Brycki, said the new partnership opportunity will allow financial professionals to focus on other bespoke areas of advice while Stockspot takes care of the investment advice and portfolio management.
“They will still have visibility through our online dashboard and we will keep them updated on changes in their client’s investment strategy and personal circumstances so they know the best time to speak to their clients with other strategic or tax advice,” Mr Brycki said.
“In the last 12 months, with the increased spotlight on the robo-advice industry in Australia, we’ve had a lot of interest from independent financial advisers and accountants asking to partner with us.
“Particularly among independent financial advisers there’s a definite appetite for robo-advice as a way to connect with clients who have less complex investment advice needs,” he said.
“They view Stockspot (and robo-advice in general) as a hands-off, sensible investment service clients can use to grow their wealth,” said Mr Brycki.
The Stockspot Partners Programme will be launched in spring 2016. Currently, it is in beta testing with select financial professionals.
and would clients of planners have to pay the standard stockspot fees? Pretty expensive.
and “investing, compliance, re balancing and tax reporting” powered why Stockspot. Wouldn’t it be easier and cheaper to give a client a model SMA portfolio from Netwealth or Praemium? Both these providers allow ETFs, so the offering by stockspot is just a “me too” service really.