Australia's Association of Real Return Investment Advisers (ARRIA) has sounded off on robo-advisers, questioning whether these services are providing investors with the correct advice. The organisation noted many robo-advice platforms can't advise towards specific goals, such as paying children's school fees. Some robo-advisers also noted a high probability of achieving goals over today with holdings in fixed-interest and cash, something ARRIA contests. Overall, the industry body concluded robo-advisers serve mainly as a method of selling cheap index funds.
Australia's Association of Real Return Investment Advisers (ARRIA) has sounded off on robo-advisers, questioning whether these services are providing investors with the correct advice. The organisation noted many robo-advice platforms can't advise towards specific goals, such as paying children's school fees. Some robo-advisers also noted a high probability of achieving goals over the next 15 years with holdings in fixed-interest and cash, something ARRIA contests. Overall, the industry body concluded robo-advisers serve mainly as a method of selling cheap index funds.