What is digital advice?
Digital advice is investment advice delivered through an online platform rather than through meetings with a human adviser. You complete the digital advice journey in the app, answering questions about your financial situation, goals, risk tolerance, and investment time horizon. Your answers are assessed by a rules-based algorithm, which generates a personalised recommendation from Selfwealth’s Managed Investments, set out in your Statement of Advice.
How does the algorithm work? Is it AI?
Selfwealth’s digital advice algorithm is a rules-based system developed and continuously overseen by our investment management team, who define the parameters, rules, and portfolio construction principles behind every recommendation. It assesses the information you provide and applies a consistent framework to generate a recommendation.. It is not AI-generated or self-learning; it operates within a defined regulatory and investment framework under Australian financial services law.
What does the digital advice cover?
The advice is limited in scope. It provides investment recommendations for Selfwealth’s Managed Investments, based on the information you provide, and produces your Statement of Advice and Investment Program. It does not cover other financial advice including but not limted to superannuation strategies, insurance, budgeting or cashflow advice, gearing strategies,estate planning, tax advice, debt management, or other products and services outside Selfwealth’s Managed Investments.
How is this different from seeing a financial adviser?
The two models differ in scope and delivery. Selfwealth’s digital advice covers one topic: investment recommendations for our Managed Investments. A financial adviser can provide comprehensive advice across multiple areas of financial planning and can take complex individual circumstances into account. Digital advice is delivered through an online journey, with your recommendation generated when you complete it; advice from a financial adviser is delivered through appointments over a longer period. Both result in the provision of personal advice documented in a Statement of Advice.
If your needs go beyond investment recommendations for our portfolios, we recommend you seek advice from a licensed financial adviser who can address your additional needs.
Why is there no charge for the delivery of the digital advice?
There is no separate advice fee. Because delivery is automated,digital advice is provided as part of the Managed Investment service. There is no charge for completing the digital advice journey or receiving your Statement of Advice, and no obligation to invest after receiving a recommendation.
Can the support team give me advice?
Our support team can explain how the products and processes work, and their help is factual only. They are not able to provide personal or general financial advice or recommend portfolios. Recommendations are provided only through the digital advice journey and delivered in a Statement of Advice document.