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. "The majority of advisors have no idea what they are doing when it comes to investing for retirement," said ARRIA chief executive Michael Walsh.
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.