Jessica Brady

There are other ways to make a living in financial advice aside from back-to-back consultations with clients, prompting a growing number of advisers to deviate from the traditional path by harnessing technology.

Naked Wealth, Otivo, MoneyGPS and The Greenhouse are among the growing number of digital advice players hitting the market. More recently, Melbourne’s Megan Christie left behind a decade at HESTA and is in the process of setting up a money coaching business aimed at women.

By harnessing tech, they have each set out to make financial advice more affordable and accessible as economic conditions and the rising cost of providing advice hits households hard.

Revolutionising advice

Otivo founder Paul Feeney says people have been searching for help with personal finance, because it’s often seen as complicated, confusing and even an intimidating world to get your head around.

“Otivo was designed around one single idea – to help the end client be better off. So just like Spotify or Netflix revolutionised how we consume entertainment, Otivo began its journey to revolutionise how Aussies receive financial advice,” he says.

Initially, he focused on automating simple tasks like setting savings goals, debt management and super optimisation before rebuilding the platform and relaunching it as Otivo in early 2022. Since then, Otivo has grown to help over 10,000 Australians be better off.

Also buoyed by the ability to service more people, Jessica Brady launched a financial literacy course in February 2023. She had previously launched a free online platform and community at the start of the pandemic, Ladies Talk Money. She had previously worked as a qualified and licensed financial adviser for 17 years for the likes of Macquarie Bank, CBA and Zurich,

“I launched in response to the rapid increase in financial advice fees and a need for comprehensive financial literacy from an experienced financial adviser,” Brady says.

“Our profession has faced significant headwinds, with many advisers exiting and the number of people getting advice not increasingly, I saw an opportunity to help an under-serviced area of our community in a unique and different way to the personal advice I was giving.”

The Greenhouse has three intakes a year, and its latest intake was twice the size of its previous one. Sign-ups are aged in their early 20s up to their late 50s, both men and women.

George Haramis

George Haramis and Drew Fenton built MoneyGPS in the belief, after working in financial advice for many years, that there had to be a more accessible and affordable way to deliver advice.

It took several years to develop the technology underlying the online one-stop-shop which offers advice that the client controls, without financial planners. Haramis says has interest from larger entities considering white-labelling his technology.

By using artificial intelligence (AI), the platform enables users to type in their current financial situation and where they want to go so that the bots can guide their journey.