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Demand Fuels Super Fund Launch Of Robo-Advice

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14 December, 2021 by Clancy Yeates, WA Today

Article link: https://www.watoday.com.au/money/planning-and-budgeting/demand-fuels-super-fund-launch-of-robo-advice-20211206-p59f6h.html

The $66-billion super fund HESTA is one of several industry players trying to respond to the problem by using technology to offer automated general advice to its 900,000-plus members.

Angus Woods, founder of Adviser Ratings, expects planner numbers to fall to just 17,000 by the end of this year. With fewer people choosing to join the industry, further falls look likely.

Woods says advice fees have, on average, jumped 34 per cent in the past three years, with fee hikes forecast to continue.

“The number of those who have a financial adviser has come down significantly as the costs rise, but the level of demand for advice is at all-time highs,” Woods says.


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