NAB launches robo-advice platformBY ALEX BURKE | THURSDAY, 10 SEP 2015 12:12PMNAB has unveiled its new digital advice service for internet banking customers. Related News |
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The term "robo-advice" must be confusing to investors.
From the article above it seems that, for NAB, robo-advice means a personalised assessment of what the investor may need, without recommending specific financial products. So the "robo-advice" will tell the investor what they need but the actual investment requires a traditional adviser.
In Australia, advice usually means risk profiling, making a recommendation of specific financial products through a statement of advice, investing on behalf of the client, managing the portfolio and client reporting.
And robo-advice means providing all these things digitally; risk profiling, recommendation, transactions and reporting. This benefits the investor by increasing the convenience of advice and lowering cost.
Perhaps NAB should be calling Prosper "robo risk profiling"?