Forsyth Barr has launched a new investment app called Tempo. Photo: Supplied
Leading brokerage and investment firm Forsyth Barr has launched a new investment app, but with a difference in that it also gives financial advice.
The new service is called Tempo and pitches itself against Sharesies, Hatch, and Invest Now, which are trading or investing platforms only.
"We have established Tempo as we believe it will appeal to a broad spectrum of New Zealanders and make our expertise available to those that are working hard to accumulate wealth or achieve a financial goal," Forsyth Barr managing director Neil Paviour-Smith said.
The app has been offered initially only to select investors, but will be rolled out to a broader range once necessary clearances have been given.
Users would be asked about their risk profile and financial goals, and depending on the answers Tempo would recommend a mix of investment funds that may be suitable, and actively monitor performance and offer further investment recommendations.
Tempo's head Blair Willems said a survey done for the firm showed large numbers of people who had never invested in shares, did not know where to start, and did not have a long-term financial plan.
"Tempo seeks to address these problems by providing guidance and confidence on which investments are right for them."
Investors would be charged a 0.85 percent management fee on money invested, with additional fees charged for the funds invested in. Investor funds would be held with the third-party custodian Ad.
Tempo is fully owned by Forsyth Barr but will be operated as a standalone business, with separate staff in separate offices.