Equip launches pilot program for Equip MyMoney robo investment service

Equip launches pilot program for Equip MyMoney robo investment service

Equip is piloting its robo investment service, branded Equip MyMoney, with a select group of members, with release to all members planned by the end of the month.

Equip MyMoney is the fund’s custom-built superannuation version of Clover.com.au’s automated investment service and will help members make the right choice from the fund’s existing investment options based on their risk profile. This is calculated from user responses to a short series of questions.

Equip’s Executive Officer, Member Relationships, Justin Sadler, said: “Equip MyMoney will be a quantum leap forward in the online experience and capability available to our members, and reflects our commitment to on-going development of our financial education and advice services,” Mr Sadler said.

“It will appeal particularly to younger members, those who want guidance in making good financial decisions, but who are unlikely to invest time and money in a face-to-face consultation with a professional planner.”

The initial pilot is designed to test the user interface and enable Equip to make minor tweaks if required before rolling out to the general membership over the next few weeks.

Mr Sadler said an important differentiator for Equip MyMoney was that it will allow members to seamlessly pass an investment switch instruction to the fund based on the Statement of Advice (SOA) created by the robo advisor.

In addition to recommending an appropriate investment choice, Equip MyMoney also will also allow members to see what difference extra super contributions could make to their retirement income.

Members will be able to nominate any additional contributions they want to make for inclusion in the SOA. If they do this, Equip MyMoney will generate a pro forma salary sacrifice request for them to present to their employer.

Mr Sadler said Equip MyMoney would add Clover.com.au’s service for money invested outside super when it becomes available in a few months’ time.

Equip MyMoney is the result of a collaborative development project between Equip and Clover.com.au since the fund announced its investment in the Melbourne-based start-up last year. It will initially only be available to Equip members.

Source: Equip launches pilot program for Equip MyMoney robo investment service – ProfessionalPlanner.com.au