Future Penny has eye on Kiwi market
Future Penny, launched by financial adviser David Pettit, is to launch officially in August, in Australia. But Super Advice chief executive Allan Rickerby, who recently entered a partnership with Pettit with a seed investment in Future Penny, said it intended to test the waters in New Zealand soon after.
The new version of the Financial Advisers Act allows for roboadvice, for the first time.
Future Penny is aimed at companies who want to offer their staff a platform to help them better manage their money. It costs $80 per employee.
Rickerby said, unlike other roboadvice offers that pushed a product and focused solely on asset allocation, Future Penny was offering real advice and education. “Too much roboadvice is about asset allocation not about quality service for the person who is using it. If you look at it, it’s not even roboadvice. It’s just laziness, the big banks wanting to direct money somewhere.”
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