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LifeSherpa to offer managed portfolio solution

Yasmine Masi8 September 2023

Subscription-based financial advice business, LifeSherpa, has launched a new managed investment portfolio solution powered by OpenInvest, focusing on lower balance accounts.

The solution will encompass four diversified investment profiles to provide a range of risk/return profiles and will require a minimum investment of $5,000.

The portfolios solution aligns with the business’ mission to provide more accessible advice to Australians through a low-cost, hybrid model that combines self-sought support, education tools and access to human advisers when needed.

Life Sherpa offers clients access to managed investment portfolios and the opportunity to directly keep up to date with their investments at a significantly lower cost than engaging a financial adviser to manage their finances.

“We have long considered working with OpenInvest, but the time is right for us to partner with them now,” Life Sherpa founder and CEO, Vince Scully, said.

“Our model, which is focused on providing advice to salaried employees who may not be able to afford traditional advice, can deliver better outcomes if we can get those members into investment portfolios earlier that enables them to continue to build wealth towards their future goals.

“Changes to the financial advice landscape in recent years have focused on the quality of advice, not on how to increase participation among those Australians who are not advised.

“There is a significant portion of the population – who have good jobs, stable income, and clear goals – who are unable to afford full financial advice. The successful deployment of technology into advice can bridge this gap and create future customers of full financial advice.

“We’re talking about people who are clear on what their goals are, and they know broadly what they need to do to achieve them. What they need is some guidance along the way around particular decisions, but they are happy to learn and use the tools available to help them make good decisions. The online availability of our managed portfolios will enable our members to participate in building their wealth through lower-cost investment options.”

OpenInvest’s Head of Distribution, Ravi Verma, said the partnership comes as advice firms navigate changes in the industry and regulations by continuing to leverage technology to reach a wider audience.

“We’re proud to be playing our role in helping firms like Life Sherpa to provide their professional expertise to more Australians,” he said.

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