Australia. Robo-advisers to expand into retirement advice
ASAP chief executive Jim Hennington said he expects the scope of advice that’s provided by automated advice providers to SMSFs will further expand over the next year.
“At the moment, [it’s] very much focused on the transactions that accountants tend to get deeply involved with such as establishing an SMSF, purchasing property and LRBAs, and setting up SMSF pensions,” said Mr Hennington.
He expects that automated advice will soon expand beyond this, however, into services such as retirement advice.
“Over time automated advice could extend into what I call retirement adequacy advice, which will answer questions such as: Am I contributing enough? Have I got enough to retire? How much can I afford to spend in retirement?” he said.
