Major bank automating advice

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A major bank will launch automated financial advice in an effort to engage the 80% of the market that does not use financial planners.

According to The Australian, NAB has announced a foray into online, automated financial advice. The NAB Prosper offering will be rolled out to 40,000 customers on October 7, The Australian said, focusing at first on superannuation and insurance before broadening its advice suite to include debt, cashflow, investments and estate planning.

NAB general manager of wealth digitial and direct services Anne Bennett said the platform was personalised to clients' life circumstances through algorithms.

“I see NAB Prosper as more than robo advice. It’s much more personalised for the individual and less about flicking money ­between different investment ­options,” Bennett told The Australian.

Bennett said the platform would also give customers the option to speak to advisers over the phone, and would not specify products, but would offer general personalised advice.