Stockspot, Australia’s first and largest robo-advisor, has hit another milestone, now managing more than $600 million on behalf of its 11,000 clients.
The historic breakthrough was achieved in the first week of January 2022, despite a turbulent and unprecedented two-year period across domestic and international markets.
“This has been our biggest year since opening in 2013. We’ve managed to grow our funds under management to $600 million, up 89% on this time last year, and 170% from two years ago,” Stockspot founder and CEO, Chris Brycki said.
“We’re humbled to have the opportunity to help thousands of Australians invest their money and grow their savings. This new milestone is a significant vote of confidence in Stockspot by our loyal customers who have entrusted us with their savings.”
The growth in funds under management has been led by an increase in new kids’ accounts, regular investing plans from existing clients and increasing investor interest in sustainable portfolios.
“We’re humbled to have the opportunity to help thousands of Australians invest their money and grow their savings.”
“Our kids’ accounts have grown 130% year-on-year to December 2021 and our total assets under management for these kids’ accounts has grown more than 158% in the same period,” Mr Brycki said.
“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.”
Since its founding, Stockspot has maintained independence from the ETFs it recommends and does not receive payments from any of the products clients’ money is invested in.
Mr Brycki credits the portfolio’s strong performance, outperforming 99% of equivalent diversified funds over the past five years, on its ability to remain product agnostic and act in the best interest of clients.