A collaboration between Perth-based advisory firm Symmetry Group and fintech investment platform provider OpenInvest has seen a new digital investing facility made available to consumers.
The new service, Alliance Invest, will allow individuals to digitally access professional investment services provided by the Symmetry team without having to subject themselves to the personal advice process.
The digital offering will give clients access to three investment portfolios based on three levels of risk tolerance, being moderate, balanced and growth. Users of the facility will also have access to content from Symmetry, including market updates, the rationale for portfolio allocations and financial well-being material.
According to Symmetry Group investment committee chair Peter Davies, Alliance invest has been designed with the aim of providing simpler and more cost-effective access to professional investment services to Australians.
“The personal advice service requires significant engagement with each individual. It leads to optimal outcomes for every client who can afford to go through that process, but as we know through the latest data on the ‘advice gap’ in this country, a growing number of Australians either can’t afford the cost or don’t need personal advice. They just need help to invest sensibly – which means via a managed, diversified, multi-asset-class portfolio,” Davies noted.
He pointed out the new service will be particularly relevant for individuals of a younger demographic.
“All financial advisory firms are very aware of the need to help the children of their traditional client base of high net worth clients. It makes for happier and more successful family dynamics if all members of the family are on the same page, investing with professional assistance and thinking about intergenerational wealth transfers in a strategic way,” he noted.
“Now, with our new digital solution we are able to engage and assist all members of the family, not just the wealthy older members.”
OpenInvest head of distribution Ravi Verma confirmed the working partnership should allow Symmetry to harness a growing industry trend and use technology to broaden the reach of its services.
“It’s interesting, and consistent with what I’ve seen throughout my career in this industry both here and in the UK, quality financial advisory firms are not just great at running profitable businesses today, they’re also making decisions to grow into bigger and more profitable businesses tomorrow. They’re not sitting around moaning about excessive regulations and waiting for legislative change, they’re making decisions to use technology today so as to build for the future,” Verma said.
The news closely follows a partnership OpenInvest struck with Market Matters in May.
