Six Pack, a new robo-advisory platform, has launched in Australia today, led by some of the best in the business.
Co-founder and former J.P. Morgan Australia chairman Brian Watson is joined on the company’s advisory board by former federal finance minister Lindsay Tanner and founding chief of the Future Fund Paul Costello.
Prior to the company’s launch, the business raised $1.4 million in seed funding and has been operating in beta-mode for over a year to test and refine the service.
To date, it has more than $2 million of funds under management.
The platform allows investors to create their own professionally managed portfolio of ASX-listed index funds to suit their risk profile.
Watson, who is also chair of the board, says the savings of 1 to 2% per annum delivered by the model can make a huge difference to the retirement savings.
Co-founder and CEO Patrick Garrett says the business was inspired by the mounting evidence of abuse in the market.
“Too many investors are being overcharged and neglected by an industry that should serve investors’ needs, not those of the large institutions,” he said.
“The Six Park service combines the right people with an innovative service to rebuild that trust, at a low price.
“Professionally managed robo-advisors are now embraced in the US and elsewhere, so it’s time that Australians benefit from a service like Six Park as well.”