SEARCH
New robo-adviser to replicate IFA function
New robo-adviser to replicate IFA function
Robo-advice start-up Future Penny is set to launch in the Australian market, focusing on financial education as well as product advice.
Future Penny seemingly replicates the function of an independent financial adviser, focusing on financial education and literacy, not solely product advice, the company has said.
"Future Penny was established to address the issue of financial literacy and to provide a platform for people to become better organised in relation to their money," said Future Penny co-founder and managing director David Pettit.
Mr Pettit told Adviser Innovation that the platform was created to ensure that robo-advice goes beyond the recommendation of financial products.
"By focusing on education and financial literacy, instead of just focusing on product placement, we can achieve a valuable user experience whether users transact with a financial product or not."
Mr Pettit said Future Penny allows users to compare their current financial position against an optimal position, whereby they can close any gaps and address missed opportunities. In terms of product advice, the tool will only make a suggestion if a user's circumstances are deemed suitable.
"Robo-advice needs to be about 'guided decision making' that educates along the way and improves people's lives," Mr Pettit added.
DBS Bank chief innovation officer Neil Cross, who provided seed funding to Future Penny, said the start-up focuses on "improving people's financial lives".
"Current robo-advisers are too focused on monetisation, with little extra value. Future Penny delivers this extra value for free," Mr Cross said.
According to Future Penny, the start-up will look to distribute its platform via a white labelling partnership with companies looking to offer the platform to employees.
Future Penny will also look to partner with banks, advisers and other financial institutions.
Subscribe to our Newsletter
We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians
Your email address will be shared with nestegg and subject to our Privacy Policy
latest articles
OUR PLATFORMS AND BRANDS
- Accountants Daily
- Accounting Times
- Adviser Innovation
- Australian Aviation
- Broker Daily
- Cyber Daily
- Defence Connect
- Fintech Business
- HR Leader
- Independent Financial Adviser
- Investment Centre
- Investor Daily
- Lawyers Weekly
- Money Management
- Nestegg
- Property Buzz
- Real Estate Business
- Smart Property Investment
- SMSF Adviser
- Space Connect
- Super Review
- The Adviser
- Wellness Daily
- World of Aviation
EVENTS AND SUMMITS
- Accountants Daily 30 Under 30 Awards
- Adviser Innovation Summit
- Australian Accounting Awards
- Australian Aviation Awards
- Australian Broking Awards
- Australian Defence Industry Awards
- Australian Law Awards
- Australian Space Awards
- Australian Space Summit
- Better Business Summit & Awards
- Broker Daily Business Awards
- Corporate Counsel Summit & Awards
- Cyber Security Summit & Awards
- Defence Connect Budget Lunch
- Defence Connect DSR Summit
- Fund Manager of the Year Awards
- ifa Excellence Awards
- ifa Future Forum
- Investor Daily ESG Summit
- Lawyers Weekly 30 Under 30 Awards
- Lawyers Weekly Women in Law Forum
- New Broker Academy
- Partner of the Year Awards
- REB Awards
- Reinnovate
- SME Broker Bootcamp
- SMSF Adviser Technical Day
- Super Fund of the Year Awards
- Women in Finance Awards
- Women in Law Awards
- Accountants Daily Podcast Network
- Australian Aviation Podcast Network
- Broker Daily Podcast Network
- Defence Connect Podcast Network
- HR Leader Podcast Network
- REB Podcast Network
- Relative Return
- Space Connect Podcast
- The Adviser Podcast Network
- The ifa Show
- The Lawyers Weekly Show
- The Smart Property Investment Show
PODCASTS
LEARNING AND EDUCATION
MOMENTUM MARKETS NETWORK
LINKS
STAY CONNECTED
Subscribe to the Adviser Innovation eNewsletter.
