Aberdeen Standard Investments (ASI) has made its digital client engagement tools available on Hub24’s investment and superannuation platform.
ASI said it will look to deliver “improved investment and retirement income solutions for Australians”.
The digital offering is called “bionic” advice, which involves individual client and financial planner input combined with outcomes from algorithms and artificial intelligence.
The tools allow financial advisers to serve a wider array of clients in a personalised way, via a range of different fee structures to suit individual needs, the firm said.
Trialled and tested
ASI will provide a range of managed portfolio solutions on Hub24’s platform to help advisers meet client savings, investment and retirement income needs.
It will also give Hub24 a solution for companies which want to give employees tools to better manage their finances and access to cost-effective financial advice.
A third offering, which helps advisers to provide customised retirement income solutions, will be made available in early 2021.
Similar “bionic” tools have been trialled and tested in the UK by ASI.
Saving time
The “bionic” tools will “enhance efficiency” and “significantly” cut the time a financial planner needs to service a client, “while maintaining regulatory compliance”.
“This solution gives the 41% of Australians who intend to get financial advice, but are put off by the perceived barriers, an accessible option,” said Jason Entwistle, director of strategic development at Hub24.
“No product solution to-date has been successful in this segment of the market.”
Brett Jollie, managing director of Australia at ASI, said: “Not only does it provide a means for advisers to stay connected with more clients, it will also provide advisers with the tools to support more clients with their long-term savings.
“Baby boomers, about to retire, need reliable and personalised retirement income solution.
“Improving the efficiency of the advice journey, combined with more informed decision-making and tailored investment solutions, will ultimately result in better outcomes for consumers.”
