Yes, AI can give financial advice in Australia, but only inside the same licensing rules that bind a human adviser. Under ASIC's Regulatory Guide 255 a licensed entity stays legally responsible for every recommendation an AI system produces, and a suitably qualified person must be able to explain and stand behind it. There is no exemption for software.
The gap the tools are trying to fill is real. Only 10.4% of Australians currently use a financial adviser, adviser numbers nearly halved between 2019 and 2025, and the median ongoing advice fee rose to $3,960. The three most visible platforms answer that gap in three different ways: Otivo puts a conversational AI over a rules-based advice engine for super, insurance and mortgages; Stockspot builds and rebalances ETF portfolios; moneyGPS pairs an AI-drafted Statement of Advice with a human coach, sold through employers and super funds.
None of the three removes the need for human advice on SMSFs, trusts, intergenerational transfers or capital gains tax, and all three say so themselves. The questions to ask before relying on any of them are the same: what is the underlying engine, who holds the AFSL, and does the fee structure suit your balance and complexity?
The 19-page guide has the charts and the full data appendix, laid out for print.
Financial advice has become scarcer and more expensive at exactly the moment more people need it, and three trends are converging.
The number of licensed financial advisers on the ASIC Financial Adviser Register fell from a 2019 peak of 26,674 to a low of around 15,120 in mid-2025, a decline of 43%, driven largely by the post-Hayne Royal Commission education and compliance reforms that pushed many practitioners out of the industry.
Year | Advisers on the register | Change |
|---|---|---|
2017 | 25,195 | |
2018 | 24,766 | −1.7% |
2019 | 26,674 | +7.7% |
2020 | 22,521 | −15.6% |
2021 | 20,118 | −10.7% |
2022 | 16,657 | −17.2% |
2023 | 15,855 | −4.8% |
2024 | 15,516 | −2.1% |
2025 | 15,170 | −2.2% |
2026 | 15,203 | +0.2% |
Source: ASIC Financial Adviser Register / WealthData. Chart in the PDF, page 4.
As adviser capacity has fallen, the price of holistic advice has climbed. Median ongoing advice fees rose from $2,510 in 2018 to $3,960 in 2023, a 58% increase in five years, comfortably outpacing inflation over the same period.
Year | Median ongoing fee | Change |
|---|---|---|
2018 | $2,510 | |
2019 | $2,800 | +12% |
2020 | $3,256 | +16% |
2021 | $3,529 | +8% |
2022 | $3,710 | +5% |
2023 | $3,960 | +8% |
Source: Adviser Ratings.
The share of Australians who work with a financial adviser has fallen from 13.9% in 2019 to 10.4%, where it has held for two consecutive years, the first sign of stabilisation after five straight years of decline. Advised Australians control a disproportionate $1.4 trillion in wealth, and 2.02 million people currently have a relationship with an adviser.
Year | Share of Australians with an adviser |
|---|---|
2019 | 13.9% |
2020 | 12.2% |
2021 | 11.2% |
2022 | 10.1% |
2023 | 10.0% |
2024 | 10.4% |
2025 | 10.4% |
Source: Adviser Ratings.
18-24 | 25-34 | 35-44 | 45-54 | 55-64 | 65-74 | 75+ | |
|---|---|---|---|---|---|---|---|
No advice needs | 52% | 21% | 7% | 2% | 1% | 1% | 4% |
Limited advice needs | 28% | 27% | 14% | 7% | 6% | 14% | 18% |
Simple advice needs | 20% | 44% | 56% | 46% | 46% | 60% | 65% |
Multiple advice needs | 7% | 16% | 28% | 27% | 14% | 10% | |
Many and complicated advice needs | 1% | 8% | 17% | 20% | 10% | 3% | |
Total | 3.2m | 4.8m | 5.1m | 4.6m | 4.4m | 3.7m | 4.8m |
Source: NMG Consulting
It is this combination of insufficient adviser numbers, higher fees and growing complexity that AI-powered advice tools appear well positioned to address. Whether they genuinely close the gap or repackage a narrower slice of it is the key question.
Yes. A common assumption is that AI-generated financial advice sits outside existing regulation. It does not. ASIC has been explicit that the obligations that apply to a human adviser apply in full to any AI system used to generate personal financial advice. Licensed AI advice requires:
ASIC's 2026 Key Issues Outlook flags this as an active enforcement priority, warning about firms using AI and digital channels to sidestep licensing obligations, and naming unlicensed AI-powered advice tools alongside unlicensed crypto platforms as an emerging risk to consumers.
Three things to check before using any AI advice tool: does it disclose an AFSL number you can verify on ASIC Connect; does the Statement of Advice name the human who reviewed it; and is the advice personal (tailored to you, covered by the best-interests duty) or general (information only, no assessment of suitability)? General advice is materially less protective and is often the cheaper tier.
No. The phrase covers four architectures, and the difference decides what a tool can safely answer.
Type | How it works | Used by |
|---|---|---|
A. Rules-based advice engine | A deterministic engine applies coded financial-planning logic (contribution caps, tax brackets, insurance calculators) to a client's inputs. Consistent and auditable; can only handle scenarios its designers anticipated. | The oldest and still most common approach in licensed Australian digital advice |
B. LLM interface over a rules engine | A language model handles the conversation and explanation; the numerical recommendation still comes from the deterministic engine and the LLM's output is checked against it. A direct response to hallucination risk. | Conversational tools such as Otivo |
C. Portfolio construction and rebalancing | Asset allocation, model portfolios and automated rebalancing against a risk profile, rather than broad financial planning. | Robo-advisers such as Stockspot |
D. Hybrid human plus AI coaching | An AI-generated fact-find and draft Statement of Advice, reviewed by a human coach before delivery. AI does the drafting and data gathering, not the recommendation. | Platforms such as moneyGPS |
For a robo-adviser, the questions worth asking are about portfolio construction: the strategic asset allocation framework, whether rebalancing triggers are calendar or drift based, whether tax-loss harvesting is used, how franking credits and distributions are handled, and whether the portfolio is a pooled managed account or holds funds and ETFs in your own name under your own Holder Identification Number.
The three are often grouped together as AI advice fintechs, but they solve different problems, hold separate AFSLs and serve different parts of the advice value chain. Figures are as at July 2026, compiled from public platform disclosures, ASIC Connect and company announcements; fee structures and scope change, so confirm directly with each provider before acting.
Otivo | Stockspot | moneyGPS | |
|---|---|---|---|
AFSL holder | Map My Plan Pty Ltd (AFSL 485665) | Stockspot Pty Ltd (AFSL 536082) | moneyGPS (AFSL 247344) |
Core function | Conversational advice: super, insurance, mortgages | ETF portfolio construction and rebalancing | Single-topic Statements of Advice via employer or fund, with a human coach |
AI role | LLM interface over a rules-based advice engine | Portfolio optimisation and rebalancing algorithm | AI-assisted fact-find and draft SoA, human reviewed |
Access | Direct to consumer and white label | Direct to consumer | Via employer, super fund or adviser partner |
Typical cost | About $119 a year | From $1 a month, tiered up to about 0.528% a year | Under $200 per single-topic SoA |
Suited to | Everyday super, insurance and mortgage questions | Passive ETF investors wanting automated rebalancing | Employees and fund members wanting one specific answer |
Not covered | SMSFs, estate planning, aged care | Super, insurance, holistic planning | Complex or multi-topic holistic advice |
Otivo operates under AFSL 485665 (Map My Plan Pty Ltd) and has offered licensed digital advice since 2019. Its flagship feature, Ask Otivo, layers a conversational LLM over an advice engine the company says has been refined over nine years and audited by KPMG and Mills Oakley; every AI-generated response is logged and subject to internal audit. It covers superannuation, insurance, mortgages and debt, and does not currently cover SMSFs, estate planning or aged care. It is sold direct and white-labelled through partners including Colonial First State, Suncorp and Medibank. Direct pricing is $119 a year; a standalone AI advice app launched in mid-2026 was free until 30 June 2026, after which usage-based charging began. The paper notes it is worth confirming current pricing directly. Verify the AFSL authorisations on ASIC Connect and whether your question sits inside the documented scope.
Stockspot holds AFSL 536082 and has operated as a robo-adviser since 2013; Mirae Asset Global Investments acquired a majority stake in 2023. It builds and automatically rebalances a portfolio of ASX-listed ETFs against a client risk profile, holding assets in the client's own name via CHESS sponsorship rather than a pooled trust. It covers ETF portfolios only, not superannuation advice, insurance or holistic planning. Fees are tiered by balance with a flat, brokerage-inclusive monthly fee, as low as $1 a month on balances up to $20,000 and published tiers from 0.528% down to 0.396% a year; ETF issuer fees apply on top, the same as buying the ETFs directly. Verify the exact tier for your balance (the tiers move) and whether the model portfolio matches your own risk tolerance.
moneyGPS is not sold direct to consumers. It is distributed through super funds, employers and accounting or advice firms under AFSL 247344, combining an AI-generated fact-find and draft Statement of Advice with review by a salaried "GPS Coach" before delivery. Advice is structured as low-cost, single-topic SoAs across super, insurance, retirement income and SMSF check-ups, typically priced under $200, with a free initial Money Check-Up report and coach session. Because it is usually embedded in an employer's or fund's offering, check who the AFSL holder of record is on your Statement of Advice, and note the referral-fee model under which partner organisations may receive a share of fees.
Every platform profiled here is explicit that it is not a substitute for holistic advice in complex situations. That is a disclosed limitation, not false modesty.
"Our proprietary advice engine remains the foundation of everything we do, ensuring every recommendation is clear, compliant, and independently verified by trusted partners like KPMG and Mills Oakley. While AI enriches the user experience, the mathematical integrity behind our advice never wavers. We don't believe AI should replace licensed financial advice; it should enhance it. Until AI can hold an AFSL and offer the same accountability, human oversight will remain essential."
Nathan Isterling, Chief Information Officer, Otivo
No. It has replaced the cost structure of delivering narrow, well-defined advice at scale. Automated rebalancing, super contribution modelling and insurance checks are exactly the kind of structured, rules-based decisions AI systems handle well, transparently and cheaply. What it has not changed is where human judgement, discretion and cross-disciplinary expertise are still needed: SMSF structuring, estate and trust planning, business succession, and decisions made under emotional load. The platforms profiled here are explicit about that boundary. Investors need to know which side of it their requirement sits on, and check a platform's AFSL, fees and scope before proceeding.
Platform figures were compiled as at July 2026 from public platform disclosures, ASIC Connect and company announcements. Adviser numbers are from the ASIC Financial Adviser Register; fee and advised-population data are from Adviser Ratings; the 2050 projection is from NMG Consulting.
Yes, but only through a licensed entity. Under ASIC's Regulatory Guide 255 the AFSL holder remains legally responsible for every recommendation an AI system generates, and a suitably qualified person must be able to explain and stand behind it.
Yes. The same obligations that apply to a human adviser apply in full to AI-generated personal advice: an AFSL, Regulatory Guide 255 compliance, human sign-off, the best-interests duty and strict liability for the licensee. ASIC's 2026 Key Issues Outlook names unlicensed AI advice tools as an emerging consumer risk.
Trust the licence and the compliance behind the tool, not the AI itself. Check the AFSL on ASIC Connect, confirm whether the advice is personal or general, find out who reviewed it, and cross-check any specific figure against the primary source.
It depends on the decision. Super contribution modelling, budgeting, ETF portfolio rebalancing, insurance needs analysis and single-event scenarios are reasonable to hand to an AI tool. SMSF structuring, estate and trust planning, intergenerational transfers, business succession, CGT-sensitive transactions and decisions made under emotional stress still warrant a human, AFSL-accountable adviser.
Each platform discloses its exclusions. Otivo does not cover SMSFs, estate planning or aged care; Stockspot does not cover super, insurance or holistic planning; moneyGPS does not cover complex or multi-topic holistic advice. Anything touching SMSFs, trusts or estates is a signal to escalate to a licensed adviser.
Not on current evidence. It has replaced the cost structure of narrow, well-defined advice, while the decisions that need judgement and cross-disciplinary expertise still sit with human advisers. The platforms themselves say so.
This briefing is general information only. It is not personal financial advice and does not consider your individual circumstances. Fees, product scope and licensing details change; confirm current terms directly with each provider and, for advice specific to your situation, consult a licensed financial adviser.
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