SEARCH
Robo-advice key to growing client base
Robo-advice key to growing client base
By incorporating a robo-advice tool into their practice, advisers will be able to grow their client base by serving a new cohort of clients like millennials, says clover.com.au.
Harry Chemay, chief executive of robo-advice platform clover.com.au, said that by incorporating a robo-advice tool into their practice, advisers can service more clients without it being "cost prohibitive".
"There's no real way that younger Australians and people with less money can get high-quality advice, particularly from independently minded advisers, because [the advisers] can't provide a solution at a cost that is bearable," Mr Chemay told Adviser Innovation.
Mr Chemay pointed out that robo-advice removes the cost associated with the human element of providing advice. For advisers who offer an automated tool, it allows them to grow their client base, but at a fraction of the cost.
"Younger Australians feel that they have something available to them, and by the same token, advisers feel that there is a way to build a nursery for younger clients who will become full advice clients at some point in time," he said.
Moreover, Mr Chemay believes that ultimately, robo-advice and human advice will "blend together" to form a "hybrid" advice model.
Looking out over the next six to 12 months, he argued that a greater number of robo-advice platforms will be operating within the Australian marketplace.
"This time next year there will be a number of start-ups, like us, out there in the marketplace but there will very likely also be a few offerings from the large institutions like the big banks."
He said the take-up of robo-advice by institutions will place additional pressure on advisers to adopt some kind of automated advice tool.
"The question will be: do [advisers] build [their] own or do [they] outsource it and look for some sort of white label solution?"
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.
