The term robo-advice has been much bandied about, much to the annoyance of industry players who argue it's got a bad name and in any case is a catch-all phrase that doesn't mean much, or anything. Oh, and there aren't even any robots involved.
The robo, or digital advice industry can be dissected into three broad categories: the provision of low-cost investment portfolio solutions, tools to help financial advisers become more efficient and goals-based advice solutions largely used by superannuation funds to deliver personalised advice to their members.
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Sally Patten edits BOSS, and writes about workplace issues. She was the financial services editor and personal finance editor of the AFR, The Age and the Sydney Morning Herald. She edited business news for The Times of London. Connect with Sally on Twitter. Email Sally at spatten@afr.com
