The service is a custom-built version of Clover’s robo-advice platform, designed for superannuation, and will assess members’ risk profile to provide investment options. It comes following Equip's investing in the robo-advice start-up last year.
Equip's executive officer of member relations, Justin Sadler, said the service will “appeal particularly to younger members” who are “unlikely to invest time and money in a face-to-face consultation”, describing it as a big step for the company.
“Equip MyMoney will be a quantum leap forward in the online experience and capability available to our members, and reflects our commitment to ongoing development of our financial education and advice services,” he said.
The company said Equip MyMoney will allow members to “pass an investment switch instruction to the fund based on the statement of advice” generated by the robo-advice service, and see the effects additional super contributions could have on retirement income and create a pro forma salary sacrifice request they can present to an employer.
A pilot version of Equip MyMoney is presently being tested to ensure the user interface is effective and to allow Equip to “make minor tweaks” before rolling the service out to members in the coming weeks. Mr Sadler added that the new system would incorporate Clover’s service “for money invested outside super” when it becomes available.
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