Otivo launches AI-powered financial advice

Otivo has launched a mobile app for Australians to access licensed advice powered by artificial intelligence (AI).

The app is Australia's first licensed advice platform on mobile and operates under Otivo's Australian financial services licence (AFSL). It draws on the seven advice modules already available on its web version, Otivo said, delivering personalised advice on superannuation, retirement, mortgages, debt, ETF investing and personal insurance through a plain-language chat interface.

Further, recommendations are subject to all regulatory compliance that apply to human advisers, targeting to close the advice gap.

Otivo said the launch comes as an alternative advice source for those seeking advice as general-purpose AI tools such as ChatGPT, Claude and Gemini are restricted from providing financial advice.

"Two hundred million people a month are asking ChatGPT financial questions and OpenAI has admitted it can't give them advice. That's the gap Otivo closes," Otivo chief information officer Nathan Isterling said.

"AI without licensing gives you speed without accountability. A licensed platform without AI gives you accountability without scale. Otivo delivers both."

The app is live on iOS, with Android to follow, and is free to every Australian until 30 June 2026. Existing subscribers can sign in with their current credentials.

In February, Otivo completed its partnership with Colonial First State across its FirstChoice Employer and FirstChoice Wholesale Super and Pension products, as the super fund made the switch to offering the capability in house with the launch of Super Advice.