According to Omniwealth, the software only requires about 10 minutes from opening the account to receiving bank account details, and the portfolio is invested as soon as the client’s funds enter the trading account.

The robo-advice tool will offer a range of ETFs from various providers, including BlackRock, Vanguard and iShares.

Republic Wealth already operates an array of portfolios that range from conservative through to high growth.

“The portfolios are mapped to the risk survey that clients complete using well-respected risk profiler Finametrica,” Republic Wealth said.

Omniwealth group managing director Matthew Kidd said automated advice allows investors such as wealth accumulators, high net wealth investors and SMSFs to passively invest, locally and internationally, at a fraction of the normal cost, due to the lack of involvement by a third-party such as a financial adviser or broker.

“Non-advised investments such as OmniwealthDirect work hand in glove with advised portfolios as it allows us the ability to service all investors and not just those who can afford direct advice,” said Mr Kidd.

At the end of the process, the investor receives a statement of advice and an MDA agreement, Omniwealth said.

The tool also provides performance information 24 hours a day on all devices, including iPhone and tablets.

“We are certain of the success of automated advice in Australia because of the strong take-up in the US where US$30 billion of investor funds have already been placed into large, automated advice models over the last three years,” said Mr Kidd.

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