Sharesies expands into advice – including for advisers

It told investors about its plans last week and co-founder Leighton Roberts said 8000 people had joined the waitlist on the first day, the highest number for any Sharesies product.

He said it would be a digital advice offering and was on the verge of being made widely available.  Fees were likely to be based on a percentage of investments.

“For the last little bit we’ve been doing it through human advisers, for KiwiSaver only, and we’re taking the learnings from that and putting it into supporting people into building some investment portfolios. “

He said it would start “reasonably algorithmically” and Sharesies had been experimenting with LLMs and AI solutions to be able add more information.