Westpac Wealth Scores Itself a Robo Adviser

Rather than go through the hassle of developing its own robo-advisory platform, Aussie banking giant Westpac has partnered its wealth management arm with robo-advisor startup Ignition Wealth.

According to Finews.Asia, Westpac Bank’s wealth management unit, BT Panorama, has teamed up with Ignition Wealth to provide compliance-friendly digital advice to investors, advisers, and accountants. The deal allows industry professionals to access Ignition’s array of digital and hybrid financial advice services via BT’s own platform.

Here’s what Mark Fordree, Ignition Wealth’s CEO, had to say:

“We are delighted to be working with BT to deliver a truly customer-first solution to their accountants, advisers and investors. For accountants, the move provides a post-FOFA solution that allows them to source advice for their clients in an efficient and, most importantly, compliant manner.”

The deal is a first in the sense that until now, no Big Four Aussie bank has chosen an independent robo-advice provider to power its digital services.

Advisers, accountants, and investors using BT Panorama will have access to the Ignition Wealth-powered services by the third quarter of 2017.

Photo: JD Hancock