Infocus Wealth Management has entered into the robo-advice market by launching a direct-to-consumer financial advice tool.
Dubbed earnie.com.au, the new solution will be free of cost and will allow users to manage their own investments.
Users will be able to seek advice initially via live chat from Infocus advisers, the wealth management firm said.
However, Infocus managing director and CEO Rod Bristow stressed that the new tool will not essentially replace financial advisers.
“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,” Bristow said.
“Around 80 per cent of the Australian population don’t currently receive financial advice. We are really excited to be launching earnie.com.au today to help bridge this gap. Those who sign up to invest with earnie.com.au will love its flexible, easy-to-use interface and education and support tools that help users meet their financial goals. earnie.com.au really is about simple, smart investing, allowing users to set their money free. Best of all, earnie.com.au doesn’t cost a thing!,” Bristow added.
The solution will be supported by Morningstar’s direct-to-consumer methodology and Praemium’s investing technology.
Praemium CEO Michael Ohanessian said: “We are delighted to be extending our relationship with Infocus. The combination of Infocus’s 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.”