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Robo Advice In Australia – Revolution or Evolution?

Robo Advice In Australia – Revolution or Evolution?

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Including: Robo advice, automated financial planning, financial advice, brokerage, fund platforms
Covering: Australia


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Description

Robo-advice is financial advice or portfolio management online with minimal human intervention. Australia is one of the most attractive and fastest growing markets for this service. The Robo Advice in Australia: Revolution or Evolution? report provides strategists, marketers and senior managers with the critical information they need to assess the rapidly developing for automated investment and financial advice. Robo advice is one of the most important trends in the market, and this report gives a comprehensive assessment of the based on discussions with all the leading players globally.

Reasons to Purchase The Report

• Develop strategies based on what robo advice is and what it means in today’s market.
• Choose your approach to the market based on the industry’s emerging business models.
• Plan innovative strategies based on the ‘What Will The Winners Look Like’ section.
• Facilitate decision making on the basis of forecast market data.
• Benchmark performance against key competitors by understanding their market positioning, offerings, portfolios and workflows.
• Identify investment opportunities.
• Target your key markets with detailed market, competitive, regulatory and trend information for the Australian market.
• The report supports your internal and external presentations with reliable high quality data, analysis and 50 attractive and informative graphics.

Description

The Automated Financial Advice report covers all the vital information and analysis required to help you enter into or expand in the robo advice market. It is broken into the following sections:
The Executive Summary gives the key take-aways from the report
The ‘What is Robo Advice’ section looks at what defines a robo advice offering, the difference between automated financial advice and automated investment management, and why robo advice is gaining so much media and investment interest.
The ‘Emerging Business Models’ section looks at different approaches being taken by players, the challenges and opportunities they face and suggests some of the short, medium and long term scenario for this growing market.
The ‘What Will the Winners Look Like?’ chapter gives advice on the key success factors in the market, including segmentation, differentiation, customer centricity, gamification and stimulus, virtualisation, and big data.
The ‘Size and Growth of the Global Market’ section looks at the size of the market, its explosive potential and the drivers behind this.
The Australia market chapter look at how at the leading robo advice markets, how they developed, and the unique competitive and regulatory landscape in each geography.
The Appendix includes profiles of a large number of robo advice companies, including an overview of each company and its offering, its market positioning, developments and the customer journey it offers.

Additional information
Markets Covered:

robo advice, automated financial planning, financial advice, brokerage, fund platforms

Companies profiled:

Clover.com, Decimal Software, Ignition Wealth, Quiet Growth, Stockspot.

Geographies:

Australia

Time series:

Current and five years forecast assets under management.

Infographics:

thirty high-quality conceptual and data driven illustrations.

Analysis:

Definitions and segmentations, business models, success factor analysis, market drivers, market background, competitive and regulatory characteristics. Company positioning, developments and workflow analysis.

Research:

The report is based on 25+ interviews with many of the leading players in the global robo advice market. It draws on exhaustive secondary research.

Authors:

The report’s authors draw on over 60 years of collective senior research experience in the financial and technology sectors.

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Table of Contents
Robo Advice: Revolution or Evolution? 2
Table of Contents 6
List of Figures 9
1. Executive Summary 12
1.1 Robo advice is not a new concept, but is gaining a lot of global attention 12
1.2 There are far fewer pure robos than the media would have us believe 12
1.3 Focus is on automated investment management; there are very few automated advice propositions 13
1.4 Early movers built from scratch, but start-ups are now seeking to build partnerships with established players 15
1.5 Low cost automated investments will become the core building block of financial planning 16
1.6 Many of the ‘me too’ automated investment propositions will fall by the wayside unless they continue to develop 16
1.7 The market for automated investment management services will grow significantly, but hybrids will be the dominant model 17
1.8 The addressable market for virtual advice is huge, but very few propositions have come forward to meet this demand 18
2. What is robo advice? 18
2.1 Robo advice: a catch all term for remotely delivered wealth management 18
2.2 Defining ‘robo advice’ 20
2.3 Automated investment management solutions are the dominant model; but how automated are they? 22
2.4 There are only a handful of automated financial planning propositions in the market today 25
2.5 Why is ‘robo advice’ under the spotlight? 28
2.6 Propositions are only as good as the algorithms 32
3. Emerging Business Models 36
3.1 Pure play start-ups have led the charge to date 36
3.2 The cost of acquisition is the elephant in the room for start-ups 37
3.3 Re-focus on the B2B market to drive profitability 38
3.4 Industry stalwarts are now seeing the potential of automation; and have important strategic advantages over the start-ups 40
3.5 Which play will the current incumbents make – build, partner, or buy? 43
3.6 In the B2B space, robo for advisers is nothing new, but some are now embracing the opportunity to expand the reach of their business 46
3.7 Robo advice will place widespread pressure on margins and fees 49
3.8 The impact on the advice market will take longer to play out, and will result in advisers ultimately moving up the advice value chain 51
4. What will the winners look like? 52
4.1 Many of the ‘me too’ automated investment propositions will fall by the wayside unless they continue to develop 52
4.2 Automated investment propositions will need get much better at targeting clearly defined, profitable consumer segments 54
4.3 Differentiation needs to be on a feature that the mass market consumer can understand 55
4.4 A truly customer-centric approach will be required to shift customers from a transactional to an ongoing relationship 57
4.5 Winning propositions will make better use of behavioural economics to enhance the user experience and increase conversion and retention rates 59
4.6 Winning propositions will need to engage consumers in new ways, using visual stimulus to create emotional responses 60
4.7 Gamification can ‘reward’ consumers for building knowledge; virtual reality can allow them to test drive future outcomes in a safe environment 62
4.8 Winning solutions will blend the human touch with automation 64
4.9 Next generation ‘cyborgs’ will shift the boundary between human and robot within five years – think ‘virtual advice’ 68
4.10 New revenue models to reflect what consumers are actually paying for? 70
4.11 Big data, data giants and analytics: The final frontier 71
4.12 Robo 3.0 has the potential to do so much more than personal finance 74
5 Size and Growth of the Global market 76
5.1 Robo advice growth is about to take off 76
5.2 Drivers for global growth 77
5.3 Robo advisors are everywhere, but the US still dominates the global landscape 80
5.4 The US still presents the best market opportunity and will continue to drive global growth 81
5.5 Global forecasts for robo advice 83
6 Country Profile: Australia 86
6.1 Introduction 86
6.2 Market Background and Development 86
6.3 Market Size and Growth 91
6.4 Competitive Landscape 94
6.5 Regulatory Environment 99
6.6 Future Developments 102
7 Appendix: US Company Profiles 103
8 Appendix: Australian Company Profiles 104
Clover.com.au 105
Decimal Software Ltd 108
Ignition Wealth (Ignition Direct) 115
QuietGrowth 130
Stockspot 139
Appendix 148
Research Methodology 148
About the Publishers 148
Currencies 149
Research Inquiries 149
The Business Research Company 149
Executive Summary
The Australian robo advice market is quite different from the US and more aligned to the UK; there is more caution in regard to whether the client is suited to ‘risky’ investments, stemming from tighter regulatory scrutiny, and the savings market in Australia is heavily skewed towards pensions and investment property. Personalised financial advice in Australia has traditionally been provided either by investment advisor firms or by the banks. The Financial Planning Association estimates a figure of around 15,000 independent financial advisers, to which can be added around 8,000 operating within banks. Typical fees for a holistic financial plan from an independent advisor are A$2,000 or more upfront, accompanied by trailing commissions if the plan is implemented. Several banks have experimented with robo offerings, typically positioned as part of their online banking offer (NAB Prosper, ANZ Grow, and commentators suggest that Westpac is close to launching). However some of these bank robo offerings have now been withdrawn, such as mywealth from Commonwealth Bank.
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