AFR Wealth Editor Aleks Vickovich writes that the rise of robo-advice solutions in Australia has been a slow burn, but the coronavirus downturn may inspire investors and their advisers to take another look.
Six Park co-CEO and co-founder Pat Garrett discusses why Six Park has built the capacity to partner with financial planning and accounting firms – a number of which it has signed as partners in recent months – as well as serving individual investors.
“We knew that there was a gap there, and we didn’t feel the banks were particularly good at building something like this. We wanted to ultimately be the partner of choice for when the penny dropped.”
He is clear that robo-advice is not an elixir for total financial wellbeing; rather, it is an efficient way to deliver investment management at scale.
“We do one thing and we do it well,” says Garrett. “And that is: if a person gets to the point where where they want to get some money invested, we help them get invested in a well-diversified low-cost portfolio that aligns with their risk profile.”
This article also features commentary from Stockspot, Wealth02 and Map My Plan.