A powerful coalition of founding members of the $120 billion Future Fund are backing a new robo-advice start-up with their time and money in response to the spate of financial advice scandals and plan to undercut the banks, super and planning industry with lower fees.

Former federal finance minister Lindsay Tanner, founding head of the Future Fund Paul Costello, former Future Fund board guardian and chairman of JP Morgan Australia Brian Watson and former vice-president at JP Morgan, Patrick Garrett, have raised $1.4 million to launch the automated investment platform, Six Park, and will sit on the start-up's board to help investors steer clear of "financial potholes".