Otivo expands C-suite following super demand ‘surge’

Otivo has announced the promotion of three internal senior staff members, including Philippa Billings as chief advice officer and responsible manager, Nathan Isterling as chief information officer, and Rubens Peculis as chief technology officer.

Billings, formerly the head of advice and compliance, is a registered financial adviser and has more than 25 years of experience in the financial services industry, almost a decade of which has been with Otivo. In her new role, Billings will ensure the delivery of “licensed, high-quality financial advice”.

Moving from chief technology officer (CTO) to CIO, Isterling also holds a considerable amount of experience, having previously worked as head of digital from ESPN, prior to which he was the co-founder and director of footytips.com.au. He will now be responsible for overseeing Otivo’s information systems and play a key role in driving growth and innovation.

Taking over as CTO, Peculis has nearly two decades of experience in software engineering, architecture, and leadership having previously worked with Tribal DDB Sydney and Destination NSW in key technology roles. Prior to this promotion, Peculis was the head of engineering for Otivo, utilising his considerable expertise in building scalable, user-centric platforms.

Otivo explained that these appointments are a direct result of increased demand from super funds for its digital advice services, similar to its partnership with Colonial First State (CFS) announced in October that will allow CFS FirstChoice members to access personalised digital advice.

Members currently lacking a financial adviser will be able to access this tool, designed by Otivo, for $88 per annum to be deducted from the member’s super account annually upon renewal, giving them 12 months of unlimited access.

Otivo chief executive and founder Paul Feeney explained that the demand for digital, scalable advice has never been stronger as industry stakeholders seek solutions to bridge Australia’s advice gap.

“With the government and 90 per cent of Australians agreeing that super funds should provide personal advice, it’s no surprise we’re seeing huge growth in demand,” Feeney said.

“Advice practices, in particular, are increasingly using Otivo to complement their teams and service more clients. We’re excited to collaborate with the advice industry to bridge the advice gap and support more working Australians.”

Otivo executive director Ross Barnwell explained that the company is continuing to work with super funds to help improve access to financial advice.

“Otivo is addressing the growing supply-and-demand gap in the provision of advice. We’re working closely with super funds and advisers to tackle this issue, ensuring the majority of Australians have access to the financial advice they need,” Barnwell said.

“At its core, Otivo is both a cutting-edge technology provider and a licensed provider of compliant advice and these appointments reflect this focus. With a strong, stable and experienced leadership team in place, Otivo is able to concentrate on what matters most – helping Australians be better off.”

In an opinion piece on ifa on Monday, Otivo head of product strategy Joanne Lawson echoed similar sentiments, arguing that, with so many Australians wanting access to affordable advice, “the solution has to be digital”.

“The future of financial advice is digital – it has to be. With the average cost of receiving financial advice currently sitting at around $5,000 per year, it’s no wonder 90 per cent of Australians are choosing to go without,” Lawson said.

She added: “The challenge is making advice more affordable and demonstrating its real value. We can do this by showing people how things like mortgage payments, credit card debt or super balances would look with advice versus without it, giving them a tangible way to see the benefits. Essentially, it’s about showing what their life could look like with advice versus without advice.”