by Erika Jonsson Six Park and its CEO and co-founder Pat Garrett are finalists for the prestigious Fintech Business Awards 2018.
Six Park has been shortlisted in the Fintech Investment Innovator of the Year category, which includes robo advisors, while Mr Garrett, who co-founded Six Park in 2014 after a 25-year career in financial services, is a finalist for the Fintech Entrepreneur of the Year.
The company was founded in 2014 to address a major problem in Australia’s investment management industry – namely, that it was difficult, confusing and expensive for most Australian investors to receive professional, low-cost investment advice and ongoing portfolio management. Six Park’s aim is to empower all Australians to fulfil their lifetime ambitions through better financial management.
Six Park recently announced new partnerships with portfolio reporting software provider Class and leading independent SMSF administration provider Heffron, which will further accelerate the company’s direct-to-consumer service while assisting its move into the business-to-business (B2B) environment. Six Park’s most recent fundraise exceeded its initial $1.5m target, and the company’s funds under management (FUM) have doubled around every six months.
ROBO-ADVICE GAINING AWARENESS AND POPULARITY
Mr Garrett thanked Fintech Business for fostering recognition of Australia’s thriving fintech industry and congratulated his team on the achievement.
“Six Park offers a unique combination of exceptional technology, price and performance, but it’s the quality of our people that differentiates us from our competition. I’m proud of our team and thrilled that we’ve been recognised for our effort to bring greater transparency and innovation to the financial services industry,” Mr Garrett said.
He said the robo-advice market is gaining popularity and traction in Australia and globally. While estimates vary, KPMG and BI Intelligence suggest the robo-advice market could reach $2-4 trillion globally by the end of 2020, with current FUM estimated at $255 billion.
“Following the lead of investors overseas, Australians are starting to embrace the benefits of robo-advice – both early savers and investors with more substantial funds. Digital technology and automation are disrupting the wealth industry; now leading service providers are also embracing fintech as end-clients are demanding value-for-money services.”
AWARDS RECOGNISE BUSINESS EXCELLENCE
The Fintech Business Awards recognise the individual and company excellence of Australia’s top financial technology players as well as the industry’s most promising, up-and-coming talent.
Winners in the individual categories will automatically be shortlisted for the coveted Fintech Business Excellence Award, which recognises an individual’s outstanding contribution to the fintech industry.
“The high calibre of finalists to this awards program reflects the maturity and success rapidly emerging in the Australian fintech sector. We are proud to highlight the innovation and leadership in this important business community,” said Fintech Business managing editor Aleks Vickovich.
The winners will be announced on Thursday, 22 March, at the Sofitel Sydney Wentworth.