OpenInvest has teamed up with Hunter-based accounting firm Rees Pritchard to launch an online investment platform aimed at helping Australians priced out of obtaining traditional financial advice.
The new platform consists of three diversified investment portfolios each tailored to a different risk and return profile with a minimum spend of $10,000.
The online tool provides access to diverse markets through professionally managed, ready-made portfolios where users can also access financial well-being content delivered through the firm’s advisory services.
OpenInvest head of distribution Ravi Verma said: “The rules around personal advice and the loss of advisers across the industry mean that progressive firms wanting to reach and help the broadest possible audience need to leverage innovative technology.
“There’s a large and engaged market out there for firms willing to be creative and use technology to reach them.”
Rees Pritchard managing partner Steven Pritchard agreed, noting with $3.5 trillion set to transfer between generations over the next two decades, the firm saw it as essential to provide a product tailored to the children of their high net worth clients.
“Our experience is that the adult children of our clients are very engaged with their finances and understand the importance of diversification and costs in successful investing,” Pritchard said.
“Unfortunately, the initial upfront cost of personal advice makes this traditional service difficult for most of them.
“Rees Pritchard Invest Direct allows them to open their investing account in five minutes, directly from our website.”