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Macquarie launches roboadvice

Wednesday, November 25th 2015, 1:53PM

Roboadvice is stepping up across the ditch, where the Macquarie Group is launching a mass-market offering.

It will launch an online tool in December allowing customers to buy investment advice covering shares, ETFs and managed funds.

It will cover 30,000 investment options and is aiming to target people who do not receive advice on their investments.

Only a small number of the products recommended will be manufactured by Macquarie, which sets the roboadvice tool apart from others that  use website algorithms to recommend their own products.

The Macquarie product, which will be sold under the brand Owners Advisory, asks customers to list their existing assets, disclose their risk tolerance, preferred asset allocation and investment return expectations.

The system uses FinaMetrica risk-profiling software to gauge each customer's risk profile. Investors can leave their assets where they are and manage them through the system.

Tags: roboadvice

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