Stockspot, Australia’s leading automated investment adviser and fund manager, today announced its move into artificial intelligence and machine learning with the launch of its digital financial assistant. Stockspot is the first investment adviser in Australia to integrate AI and machine learning functions into financial advice.
The AI functionality works by analysing the data of thousands of clients and making targeted recommendations. As it learns, the assistant will help investors optimise their portfolio and coach them to make better investment decisions.
The assistant is part of the robo-adviser’s launch of an investment dashboard that will give clients more control over their investment experience as well as make tax reporting easier.
Commenting Chris Brycki, Stockspot founder and CEO said: “Stockspot introduced robo-advice to Australia in 2014 which automated and lowered the cost of investing. We see AI and machine learning as robo-advice 2.0, it is the future of digital advice.
“Stockspot has grown to the size that we can now analyse the investment behaviours of thousands of clients and use that information to drive better investment decisions for everyone. When investing, your biggest enemy is often yourself, having digital financial assistant there to guide you will stop clients from making common investment mistakes.
“Machine learning is in its infancy but it will change the investment and financial advice landscape. It will be like having a financial expert on call 24/7 that clients can access on their own terms. This level of personal advice has only been available in the past to the privileged few”.
The key feature of the new client dashboard are:
Personalised notifications which use aspects of AI and machine learning to guide clients towards their goals
Prompts from the assistant on the best time to top-up or re-invest to keep portfolios optimised
Ability for clients to select a strategy that suits their tax situation
Advance warning on when distributions are due so clients don’t miss out on valuable dividends or franking credits
Individualised tax reporting since investments are held securely in each client’s own name
Ability for larger clients investing $50k or over to personalise their portfolio with Themes
Brycki continued: “The dashboard is an evolution of the personal advice experience we give investors. It allows flexibility and more control over their investments, it also gives clients a better chance of reaching their goals.
“Many of our older clients rely on franking credits and dividends for income. Stockspot’s new dashboard provides the exact date when upcoming dividends are due which will help make budgeting easier for retirees”.
The new features will be made available across Stockspot’s mobile responsive website over the next two months and will be included in the platform’s current cost which ranges from 0.53% to 0.79% p.a.
