Yellow Brick Road says it will include both general and life insurance in its “robotic” financial modelling. 

The technology, called Guru, calculates clients’ financial needs and the actions they should take to meet them.

It can also provide outlooks for five, 10 or 30 years into the future, assessing decisions made today and their impacts on later life events.

Guru generates a roadmap for each client, outlining their full financial situation.

Robo-advice is backed up by Yellow Brick Road money coaches, who can provide face-to-face advice.

Chairman Mark Bouris says offering robo-advice is a disruptive business tactic, and the financial planning industry is in his sights.

“The… industry is ripe for disruption and Yellow Brick Road is rising to the challenge,” he said. “Australians are sick and tired of an industry that cannot provide them simple, affordable financial check-ups and guidance, regardless of income and assets.”

Mr Bouris says advisers do not usually give financial summaries of clients’ financial positions until an upfront fee is charged.

“Our model gives you that information upfront, free of all fees or any ongoing charges.”

Taking the roadmap further will cost from $900 in the first year and $600 for every subsequent year.