Why Pocket Adviser?

Two and a half years after quitting my job to start this company, Pocket Adviser is finally able to provide advice.

This was no easy feat. Regulations around the provision of financial advice in Australia are strict. And rightly so. They exist to protect consumers by ensuring advice is of high quality and by stamping out predatory practices (such as those uncovered by the Hayne Royal Commission in 2019).

Comprehensive digital advice, or robo-advice, is almost non-existent. Likely because regulations make it too risky and there’s no incentive for big firms to try it (they’re making enough money already).

But what’s the problem? Does Australia really need digital advice? And if getting here was so hard, why bother in the first place?

Why Pocket Adviser?

Since 2019, the number of financial advisers in Australia has plummeted. With fewer advisers to go around, the cost of financial advice has skyrocketed.

I saw this first hand. I joined the industry in 2022, just as the fallout from 2019 was starting to settle. It also happened to be the start of a moderate market downturn. It was “a great time to be a adviser” because there were so few left and demand was through the roof.

Advisers would turn away anyone with a net worth under $500,000 as they were simply not worth their time. For some firms, that figure was closer to $1 million.

I completed my studies and passed the financial adviser exam. I was on my way to becoming an adviser. But something just didn’t sit right with me.

Being a young person who grew up with technology, I grew frustrated at the antiquated systems around me. It was generally understood that inefficiencies existed, but it was “just how it’s always been done” and change wasn’t going to happen any time soon.

At the same time, the cost of living crisis was making it so that your money - and what you choose to do with it - had never mattered more.

Fast-forward to today and we’re facing one of the most challenging financial environments in recent history, armed only with what we learned in school (nothing), and with nowhere to turn for guidance.

It’s no wonder Australians are experiencing the highest levels of financial stress in recent history.

Financial stress is particularly high for my generation (Gen Z), with 7 in 10 reporting finances are a major source of concern (versus 57% for other generations).

Due to cost-of-living pressures, many of us are struggling to make ends meet or being forced to postpone major life milestones, such as buying a home and starting a family.

Many of us turn to social media for answers, where incentives are to maximise attention rather than provide meaningful guidance (think cryptocurrency, meme-coins, and get rich quick schemes).

Financial fatalism (the belief that your financial prospects are outside of your control and that efforts to save or invest are futile) is the mindset of many young Australians, particularly young men who have increasingly turned to gambling and sports betting as it’s perceived to be the only way to ever get ahead.

ASIC also finds that those experiencing financial challenges are twice as likely to encounter mental health issues.

So in 2024, I quit my job to start Pocket Adviser with a mission to make quality financial advice accessible and affordable for all Australians.

Financial advice is not a cure-all.

What it can do, however, is provide peace of mind. It’s the reassurance that you’re on the right track. A beacon of clarity to guide the way in the face of uncertainty, the absence of which (I believe) is contributing significantly to the problems facing Australians today.

What’s next?

Pocket Adviser’s mission is a lofty one. So we’re starting small.

In October 2026, Pocket Adviser received the go ahead from ASIC to provide advice using our proprietary digital advice algorithm without an Australian Financial Services Licence (AFSL) for 2 years under the Enhanced Regulatory Sandbox exemption.

That doesn’t mean Pocket Adviser is not subject to the same obligations as other financial advisers. We still have to comply with the same regulations as everybody else.

Our exemption allows us to provide investment advice on exchange-traded funds (ETFs) listed on the ASX.

We’re starting by helping young Australians who are looking to start putting their money to work by investing on the ASX.

The advice is personal, meaning it’s tailored to your specific goals and financial situation. And it’s dynamic, meaning it changes with your progress, circumstances, and market conditions.

Over the coming months we’ll open Pocket Adviser to people on our waitlist. We’ll work closely with initial users to gather feedback and continue improving our app to make sure it’s the best it can be for a generation that is otherwise being left behind.