Australian robo-advisor Stockspot has announced its funds under management surpassed $600 million during the first week of 2022, an 89 per cent increase compared with a year earlier and 170 per cent higher than two years ago.
Stockspot CEO Chris Brycki said 2021 was the biggest year for the firm since it was founded in 2013.
“We’re humbled to have the opportunity to help thousands of Australians invest their money and grow their savings,” said Mr Brycki.
“This new milestone is a significant vote of confidence in Stockspot by our loyal customers who have entrusted us with their savings.”
The growth was driven in part by the popularity of Stockspot’s accounts for kids, which grew 130 per cent in the year to December 2021 with 158 per cent more assets under management.
Regular investing plans and increased interest in sustainable portfolios also helped drive the FUM growth according to Mr Brycki.
“We are just at the beginning of the growth curve for robo-advice in Australia though, especially because of the recent exponential growth in ETFs and new financial advice models after the banking royal commission,” he said.
Stockspot said its portfolio had outperformed 99 per cent of equivalent diversified funds over the past five years, which Mr Brycki attributed to the firm’s product agnostic approach that he said allowed it to act in the best interest of its clients.
The firm noted that it remains independent from the ETFs it recommends and does not receive payments from products that clients are invested in.
Jon Bragg
Jon Bragg is a journalist for Momentum Media's Investor Daily, nestegg and ifa. He enjoys writing about a wide variety of financial topics and issues and exploring the many implications they have on all aspects of life.
