A US-based digital platform wanting to set up a presence in Australia says it is able to provide financial advice through artificial intelligence for 5 per cent of the cost of a human adviser.
New York-based fintech firm Pefin said its platform uses AI technology to provide holistic, affordable and fiduciary financial planning and advice, encompassing every financial decision a consumer would need to take, all for 5 per cent of the cost of a human adviser.
It said it is currently setting up an Australian subsidiary to customise the product for the Australian market.
“Pefin will license its AI technology and create a uniquely customised Australian platform that provides fiduciary level and holistic financial advice to clients,” Pefin said.
“[The] goal will be to serve the 95 per cent of Australian consumers for whom the cost of human financial advisers is prohibitive, and who would like to receive the highest quality fiduciary advice.”
Pefin president Viju Joseph and Pefin Australia chief executive Anthony Caneva will attend meetings in Sydney and Melbourne from 8 to 18 October to seek partners and investors.
Further, Mr Joseph and Mr Caneva will plan to meet with regulators “to explain how its AI can provide and ensure fiduciary standards for consumers”, as well as to “create a level of transparency for the benefit of regulators that is not possible with human advisers”.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 18 Oct 2018Aussies say royal commission won’t change their view of adviceBy James Mitchell
- 18 Oct 2018Hire younger advisers to get younger clients, paper suggestsBy Adrian Flores
- 18 Oct 2018Synchron launches app for adviser developmentBy Reporter
- 17 Oct 2018Private banking has no place for bad advisersBy Eliot Hastie
- 17 Oct 2018CBA admits failure to tackle conflicted adviceBy James Mitchell
- 16 Oct 2018NAB to address advice issues in $314m payoutBy Eliot Hastie
- view all