Aussie robo provider wants to partner with Kiwi advisers
An Australian roboadvice platform is planning to enter the New Zealand market early next year and wants to work with local advisers.
Wednesday, September 27th 2017, 6:00AM
by Susan Edmunds
PictureWealth is a platform designed to help clients organise their finances, with a "welfie" - a wealth selfie to give them a snapshot of their current situation.
Founder David Pettit said it was designed to get people to "think, learn and do".
They would think about their current situation, learn how to improve it about through in-depth algorithm-based financial guidance and then the "do" aspect would include personalised financial advice including products.
He said, if PictureWealth arrived in New Zealand before personalised roboadvice was legally allowed, it could leave out the "do" component.
The FMA is still working on the possibility of an exemption for personalised roboadvice, which could allow it to be delivered before the Financial Services Legislation Amendment Bill amends the law to make it possible.
"By improving financial literacy we can assist people to make better financial decisions for themselves and their families," Pettit said.
"The digitisation of advice is inevitable, and we are excited to be at the forefront of that journey. The future of advice empowers people to have full visibility across their money, and our technology can advise people on what to do and therefore remove the financial uncertainty that exists in day to day life."
He said it would be relatively easy to expand into New Zealand.
He said financial advisers and financial services companies saw value in offering this sort of service to their clients, even if it might replace a bit of what they did.
He said he was supportive of human advisers, having worked in the industry for more than a decade.
"If advisers can give their clients tools to give better visibility across their money they are in a better position to give good advice. We want to partner with financial advisers on what the future of advice looks like."
Allan Rickerby, who operates Super Advice in Australia and New Zealand, has invested in PictureWealth. "We see it crucial to have a digital financial services offering into the future," he said.
"And what we liked is that Picture Wealth isn’t product focused or backed; its all about taking people on a financial education, awareness journey, as well as getting having all their financials details in the one spot."
But advisers spoken to about the platform were unsure of how it would fit with their practises.
Murray Weatherston said: "I'm sure there will be all sorts of people trying to come up with ideas to do robosales."
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