Renato Mota

Insignia Financial will use the services of Israeli fintech Personetics to help it service more clients, mostly by ways of collecting data and helping people understand their financial situation.

However, the partnership with Personetics falls short of offering product advice.

In a media release, Insignia noted that the limited number of Australians receiving financial advice meant more are required guidance to understand and manage their day-to-day finances.

“This collaboration will trial the use of technology to deepen personalisation, tailor information and create new user experiences to reach those who do not currently receive financial advice.

It added the ambition of the firm is to “provide financial wellbeing for all Australians”.

“This includes addressing key needs such as improving financial literacy, which is having the skills and knowledge to make informed and effective decisions concerning your financial resources to reach your goals. Having a confident understanding of your saving behaviours, attitudes to debt, risk and investing can lead to an overall sense of financial wellbeing.”

Insignia chief executive Renato Mota said ongoing support for clients already includes both human and digital experiences which varied from phone calls, real-time seminars, and digital statements of advice.

“We know there is more work to be done to make advice more available across life stages and help people improve their financial position, and we’re excited by the opportunity. We believe innovation and technology will help us deliver advice across the continuum using various digital solutions and other channels.”

Digital advice is one of the issues being reviewed by the Quality of Advice Review and saw frequent support from former financial services minister Jane Hume.

However, research from ASIC found advisers had trepidation when it came to using digital advice and advice review lead Michelle Levy has noted there is a strong fear of non-compliance in the industry.