Australia’s Macquarie Group has launched a new robo-advice service called OwnersAdvisory, which provides custom online portfolio advice to investors.
The service will sell low-cost investment advice to the roughly 80% of adults Australians who do not receive advice on their investments.
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It will also target ‘do-it-yourself’ investors who want to manage their investments online and are seeking a flat-fee advice service to help them with their decisions.
Macquarie said that new offering will review more than 30,000 investment products around the world to provide recommendations that align with individual investing styles, objectives and risk tolerance.
The online tool will deliver custom advice across a variety of asset classes, including cash, fixed income, equities, commodities and alternatives – all based on an investor’s personal profile, objectives and risk appetite.
Users of the service will have to pay a A$45 monthly fee to receive general advice, market insights and a portfolio health score, while an additional A$55 fee will be charged to receive custom advice about portfolio rebalancing.
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By GlobalDataWith this service, Macquarie members can execute trades and implement their advice with any provider as well as update their investor profile as often as they like when their financial situation or requirements change.
Macquarie Wealth Management chief investment officer John O’Connell said OwnersAdvisory would make quality advice, market updates and insights available to do-it-yourself and self managed super fund investors.
"This is an exciting opportunity for consumers. OwnersAdvisory combines technology with Macquarie’s vast market intelligence, insights and advisory expertise to inform and engage investors currently operating without traditional advice," he added.
