Infocus launches ‘no-cost’ robo-advice platform

Infocus Wealth Management has introduced a new direct-to-consumer advice solution,

The company said the new solution is available to consumers at no cost and provides “simple, smart investing” advice.

In a statement, Infocus chief executive and managing director Rod Bristow said 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 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 to explain advice concepts to their clients, the statement said.

“Introducing 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.”