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New digital investing solution to bridge “advice gap”

Yasmine Masi15 August 2022
Digital financial advice

Specialist investment manager, AZ Sestante, has unveiled its newest digital investing solution in collaboration with Melbourne fintech, OpenInvest, designed to help wealth management and advice firms bridge the “advice gap”.

The solution, Sestante Invest, provides access to six investment portfolios managed by the firm including Sestante Dynamic Conservative, Sestante Dynamic Balanced, Sestante Dynamic Aggressive, Sestante ESG Focus Conservative, Sestante ESG Focus Balanced and Sestante ESG Focus Aggressive.

Andrew Davies, Head of Distribution and Implemented Consulting at AZ Sestante, said the launch comes after client firms have experienced a rise in the demand for investing assistance from individuals unable to access higher cost and bespoke advice services.

“Our client firms are dealing with issues that are consistent across the Australian financial advice landscape: as the cost of delivering ongoing personal financial advice has shot up and large numbers of advisers have left the industry in recent years, it means that increasing numbers of people are priced out of this service – what is generally referred to as the ‘advice gap’,” he said.

“Now, with the launch today of our new digital solution, Sestante Invest, our client firms are able to help a much broader audience, as the minimum investment to get started is only $25,000.”

Sestante Invest also updates clients regularly on their portfolio management decisions and provides information on financial literacy and wellbeing to ensure financial goals are being met.

Andrew Varlamos, chief executive at OpenInvest, said they were pleased to partner with the AZ Sestante team to address an important issue that is felt by every corner of the industry.

“With an estimated $1tr in wealth moving between generations over the next decade, it’s logical for progressive wealth management firms to be reaching out to help the next generation now – not after they have built their wealth to what a firm might traditionally have regarded as their minimum threshold,” he said.

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