Canny way to sow seeds of financial growth

COTTON farmer George Stacey grows crops for a living and he’s also focused on watching his finances flourish.

A long way from the hustle and bustle of city life, the 24-year-old works on a 97,000ha farm in Goondiwindi, 300km southwest of Brisbane, and said he loves investing in companies all over the world “from my couch in remote western Queensland.”

Following in his father’s footsteps, Mr Stacey said “ever since I was a young kid when the finance news would come I had a bit of an interest in it and my dad invested in a share portfolio.

“When I went out west and I started to make a decent income I had a little bit of spare money and Dad said rather than leave it lying in an account, why not make that money work for you.”

He opted to invest his money with robo-adviser Six Park.

Robo-advice is financial advice that is delivered digitally using a computer, tablet or smartphone and uses algorithms and technology instead of a personalised financial adviser.

Based on your personal details including age, gender, income and financial goals it can give investors personalised or general advice while weighing up risk.

Mr Stacey is hoping to have amassed about $20,000 in the next couple of years to invest in a business opportunity or put towards a house deposit.

Six Park’s director of business development, Ted Richards, said there were low costs associated with robo-investing. Six Park charges 0.5 per cent per annum on account balances between $10,000 and $199,999.

“There’s diversification, you can spread your investing out over multiple assets,’’ he said. “It may appeal to people who are nervous or who don’t have the experience.”

Often Australians are sceptical of financial advisers because of the high costs that can be associated with them.

Tribeca Financial’s chief executive officer, Ryan Watson, said robo-advice was a great way for people to “selfeducate” and “increase their level of financial literacy.”