Question 1

How do you make me financially fitter?

Accepted Answer

Your journey starts with 5 quick questions. Your responses give us a place to start your financial fitness journey.

Whether you work on our suggestions or do your own thing, we’ll help you manage your plan in steps once you've created your account.

Once inside Otivo, we suggest:

Checking out the Dashboard (aka 'Home') and the financial icons to see the order we've recommended you work on your finances.
- The financial icons are: Debt, Save, Insurance, Invest + Retire (which includes Super). These relate to the types of financial plans you can create to help you achieve your financial goals.
Start a plan: fill in the details of your chosen plan so we can provide guidance and advice.
Make a financial commitment to achieve your goal sooner (we help you work that out).
Keep track of your goal to ensure payments are made and everything else you’re working on is manageable.
Keep your plans details updated so our advice is current. Linking your accounts like mortgage and super keeps the values updated (every 24 hours) or you can do it yourself.

Question 2

What advice can you give me and how does it help?

Accepted Answer

We're able to provide personalised financial advice on:

Growing your super to ensure it provides the retirement you're planning for
Paying off debt efficiently using the money you have
Managing your cash flow to ensure expenses are covered
Saving for things like a child's education or your next holiday
Investments like shares and how they'll form part of your retirement income plans
Protecting your lifestyle and those you love by having enough of the right kind of insurance - and whether you've got any in your super.

Question 3

How do I reset my password?

Accepted Answer

To reset your password, click on 'Log in' and select 'Forgot password' in the pop-up window. From there, follow the prompts, and we'll send you an email with a link to reset it. If you're using Facebook or Google to log in, you'll need to reset your password through their platforms instead.

Question 4

How’s the quality of advice maintained?

Accepted Answer

At Otivo, we’re dedicated to providing trusted, high-quality financial advice. Holding an Australian Financial Services Licence and Credit Licence (No. 485665), we meet the same corporate governance standards as large advisory firms, with our advice independently audited to ensure compliance. All our advisers meet FASEA standards, have passed the Financial Adviser Exam, and are listed on ASIC’s Financial Adviser Register. Ongoing professional development is maintained through Kaplan Professional OnTrack and overseen by our Chief Advice Officer, Philippa Billings. This includes meeting continuing professional education requirements for Otivo’s Qualified Tax Relevant Providers (QTRP).

Adviser	ASIC FAR ID
Paul Feeney, GDip AppFin, Dip FA	1267471
Philippa Billings, LLM, GDip FP, ADipFS, Cert SMSF, Cert MB	1267470

Question 5

Is my private data shared with anyone?

Accepted Answer

No, we don’t share your personal identifiable data with any third party (including your employer if you receive it as part of your employment). Life's stressful enough without worrying about your privacy. That's why we go out of our way to keep the private stuff you share with us under lock and key. Find out more in our Privacy Policy and Security section at the bottom of this page.

Question 6

What topics do the Otivo advice modules cover?

Accepted Answer

The Otivo advice modules currently offer:

Help to identify suitable investment options within your existing super fund that may help grow your retirement savings.

Guidance with putting more money away for your retirement by salary sacrificing some of your take-home pay into your super.

Assistance with making extra super contributions using your savings for which a tax deduction could be claimed to assist with managing a tax bill while growing your super balance.

We can look at how your retirement might shape up and explore ways to enhance it, based on when you plan to retire and what resources you have such as the age pension, super and investments.

What financial legacy might be available based on how you utilise your income and assets during retirement.

Safeguarding your lifestyle and optimising your personal insurance cover to ensure you have enough of the right kind.

Question 7

Is my personal and financial details secure with Otivo?

Accepted Answer

At Otivo, keeping your personal information safe is our top priority. Your data is securely stored right here in Australia and protected by robust security measures like firewalls, end-to-end encryption, and CloudFlare services. We use advanced encryption methods to ensure your data stays secure, whether it’s at rest or in transit. Plus, we follow strict privacy policies to guarantee your information remains confidential and is only used for its intended purpose.

Question 8

Is Otivo licensed to provide financial advice?

Accepted Answer

Yes, Otivo is fully licensed to provide personal financial advice. We hold both an Australian Financial Services Licence and an Australian Credit Licence (Licence No. 485665), meeting all regulatory requirements set by the Australian Securities & Investments Commission (ASIC).

Question 9

How does Otivo work?

Accepted Answer

Otivo generates personalised financial advice to help you be better off. When you update your details, we’ll automatically adjust your plan to reflect your new situation. Getting started is easy — just answer a few questions, choose how you'd like to pay, and we’ll set you up with 12 months plan so you can explore Otivo whenever it suits you, at your own pace. You can also download a Statement of Advice (SoA) which is a summary of your advice whenever you like.

Question 10

What ensures the reliability and accuracy of the advice given by Otivo?

Accepted Answer

Otivo is fully licenced and regulated by the Australian Securities Investment Commission (ASIC). The advice you receive has been written by experienced and qualified financial advisers. The platform was built, and is maintained by, highly skilled, Australian based Engineers.

Question 11

Where do I add my partner?

Accepted Answer

You can add your partner when you first get started. Or if you’d like to add a partner later, just go to Profile > Account details, and in the Partner Info section, select Add a partner.

A pop-up will guide you through the rest.

Question 12

How is Otivo different from other financial advice websites or platforms?

Accepted Answer

Otivo is fully licensed, has qualified financial advisers and only provides advice online. Automation enables Otivo to use a few details to provide speedy, current and personalised financial advice.

This blend of automation and human expertise ensures both efficiency and accuracy.

Question 13

What can I link?

Accepted Answer

From Dashboard (aka 'Home') > Account > Linked accounts > Connect account and follow the prompts

Enter the details and click 'Connect' to start the process (it takes a few seconds).

You can link more accounts at that time, or do it later.

When done, 'Select plan' options from the drop down menu.

Eg if you've linked to Suncorp Everyday Options (a savings account) you might want to link it to your Cash Account or existing Investment plan (in Cash & Fixed Interest). If you haven't set it up yet, select 'Create Cash & Fixed Interest' and we'll guide you.

Once saved in a plan, the balance will update nightly.

Cant wait? Click the 'Refresh button' to update the account value while logged into Otivo.

Tip: Have your Customer ID and Password ready. More may be required depending on the financial institution's security setup.

Question 14

Is the financial advice from Otivo tailored to my specific needs?

Accepted Answer

Yes. Advice is tailored by using details entered in Otivo's platform (‘inputs’) so that your profile can be assessed to recommend suitable investment option (‘outputs’).

Question 15

How does Otivo's projected retirement income graph work?

Accepted Answer

Otivo’s projected retirement income graph is based on the personal and financial information you provide, combined with legally required figures like the current Superannuation Guarantee rate. It also incorporates assumptions about the future to give you an estimate of your retirement income, helping you plan ahead with confidence.

Question 16

How do I choose a super fund?

Accepted Answer

When choosing a super fund, it’s a good idea to look for low fees (ideally less than 1% per year of your account balance), consistent long-term performance (over 20 years if retirement is still a while away), and insurance options if you need them. Around 10 investment options is usually plenty — too many can mean extra fees you might not need. A great place to start is ASIC Moneysmart > Choosing a super fund ASIC’s Moneysmart guide on choosing a super fund. You can also check out comparison tools like the ATO’s MySuper product comparison or browse websites like Canstar for more options.

Question 17

How can I be sure that my personal and financial details are secure with Otivo?

Accepted Answer

Because Otivo is fully licensed, they’re required by law to follow strict data protection and privacy standards to ensure the security and confidentiality of your information.

This means that your information is never sold or shared, and stays in Australia.

Question 18

How can I be sure that my personal and financial details are secure with Otivo?

Accepted Answer

Because Otivo is fully licensed, they’re required by law to follow strict data protection and privacy standards to ensure the security and confidentiality of your information.

Question 19

How much income do I need in retirement?

Accepted Answer

A popular rule of thumb is a figure that's around 70% of your household annual salary. It's less because most people have reduced spending habits, a mortgage has been paid off for example.

Tell me more.

An association called ASFA provide detailed retirement expenditure breakdown required for both a comfortable and modest lifestyle in retirement (for singles and couples). Find out more at ASFA Retirement Standard.

Question 20

Why is my super fund is missing?

Accepted Answer

Our super fund data comes from Chant West, and they’re always working to add more funds to the list. If your fund is missing, please contact us so we can notify them and try to get it added for you.

Question 21

Where can I check my super contribution caps?

Accepted Answer

To check your super contribution caps, log in to myGov > ATO > Home and click on Super. You’ll find details about your fund, contributions, balance, and key limits. The Manage section also helps with things like using super for a home or consolidating accounts. Plus, the Compare Super option makes it easy to explore and compare funds or update your employer on your fund choice.

Question 22

What method was used to determine my recommended investment option?

Accepted Answer

Otivo's recommendation method is driven by its complex algorithm. Here's a breakdown of how it works:

First, the algorithm gathers data on all available investment options and sorts them into one of five risk categories. This categorisation is based on the mix of growth and defensive assets.

Within each risk category, the algorithm ranks the investment options based on their performance over a five-year span, taking fees into account with a preference for options with fees below the category average.

The algorithm excludes certain options from consideration. Those without a five-year performance history, geared options, and single-asset class choices are not considered. It only focuses on diversified options.

Your specific risk category is dictated by your age, much like the Lifestage investment approach. After all these calculations, the algorithm recommends an investment option that suits you best. It also offers alternative options to consider.

Question 23

How do I cancel my subscription?

Accepted Answer

If you’d like to cancel your Otivo subscription, just log in to your account, head to Profile > Account Details, and select Cancel Subscription/ Deactivate Account at the bottom of the page. Keep in mind that once cancelled, refunds aren’t available. If you have any questions or need help, please reach out us at info@otivo.com.

Question 24

Why have I been supplied with alternative investment options?

Accepted Answer

To help you make an informed decision, Otivo doesn't just give you one investment option. Instead, it provides two alternative choices, one from a category higher and a second from a category lower. The alternative options are chosen by the algorithm based on your information, like your age, your current investments, fees and performance.

Question 25

Can I change my expenses

Accepted Answer

Yes, you can update your expenses anytime. Just head to the Dashboard > Profile > Financial Summary > Monthly Expenses. Adjust the amount in the Monthly Expenses field, and don’t forget to click 'Save' to apply your changes.

Question 26

How do I edit my personal information?

Accepted Answer

To update your personal information, go to Profile on the Dashboard. Here, you can edit your name, email, mobile number, or partner details. The Financial Summary section allows you to update your gross income, other income, expenses, assets, or debts. Be sure to click Save when you're done.

For specific details, like investment values or loan information, edit them directly in the relevant plan. For example, to update your mortgage details, navigate to Debt > Home Mortgage and adjust the loan amount, interest rate, offset amount, term, or repayment details.

Question 27

How does Otivo determine the risk categories for investment options?

Accepted Answer

You are assigned to risk categories based on your age, mirroring the operational mode of Lifestage investments.

Question 28

Can I pay for Otivo myself if I leave my employer?

Accepted Answer

Yes. Please feel free to move to an annual plan — just visit www.otivo.com for all the details. If you'd like to keep your existing data, simply click 'Contact Us,' and we’ll help you through the process. If you'd prefer a fresh start, you can dive right in without our help.

Question 29

Why does Otivo use a five-year performance span?

Accepted Answer

A five-year span provides a balanced perspective, capturing both short-term fluctuations and longer-term trends in performance. Plus, it provides a broader array of options compared to a longer timeframe such as a ten-year period.

Question 30

Common terms

Accepted Answer

Term	Explanation
Algorithm	A complex system of automated, sequential instructions designed to address a problem or accomplish tasks.
Asset classes	Categories of investments like shares, bonds, managed funds and real estate (aka property).
ChantWest	A super fund research house.
Diversified options	Investing across various assets to reduce overall portfolio risk.
Growth versus defensive	Growth aims for high returns. Defensive prioritises stability in investments' performance.
Geared	Borrowed funds amplify potential gains or losses in investments' value.
Higher risk assets	Investments with increased potential for loss but higher potential returns.
Lifestage investment	An investment portfolio tailored to match risk tolerance and goals at different ages.
Risk category	Classification of investments by potential volatility and potential loss.
Single asset class	Sole type of investment, like shares, bonds, managed funds or real estate.
ASIC	ASIC stands for the Australian Securities and Investments Commission. It is the regulatory body in Australia responsible for overseeing and enforcing laws related to financial services, markets, investments, and corporations.

Question 31

Can low-income earners contribute to super?

Accepted Answer

If eligible to contribute then yes. However, if your tax rate is 16% or lower, Otivo does not recommend making personal deductible contributions into super.

This is explained further in Why can’t I get advice about personal contributions using savings and claim a tax deduction?

Question 32

What do Otivo’s Contribution calculator and Retirement income projections do?

Accepted Answer

If you'd like to increase your retirement savings, contributing more to your super can be a great way to do it. Otivo can help you work out what fits your budget and how you might benefit by following the advice.

Question 33

Are the projected amounts guaranteed?

Accepted Answer

No. The calculator is a model, not a prediction. The results are based on the limited information that you have provided and assumptions made about the future. The amounts projected are estimates only and are not guaranteed. They may vary, being either higher or lower than projected.

Question 34

What has Otivo used to show how my retirement might look in the future?

Accepted Answer

Otivo’s calculator uses the personal and financial information you've provided, figures required by law such as the current Superannuation Guarantee rate plus some assumptions about the future.

Question 35

I’m planning for my retirement and want to get more into super

Accepted Answer

Because super is complex and has lots of exceptions, Otivo provides advice on the most common types of contributions that working Australians make to super. Please speak with a financial adviser if you need guidance outside of what Otivo is offering.

Question 36

Isn’t there a residency requirement to get the age pension?

Accepted Answer

Yes. Otivo assumes you satisfy the Australian residency requirements and that you won't get a pension from the Department of Veteran Affairs (DVA).

Question 37

Why the difference between ‘any occupation’ and ‘own occupation’?

Accepted Answer

Super laws require that the rules for insurance cover within super must match those for paying out super for events like death, terminal illness, permanent disability, or temporary disability. This means that super fund trustees are not able to take out new insurance from 1 July 2014 (when the law changed) where the cover includes 'Own occupation' in TPD insurance, certain salary continuance definitions, or trauma insurance.

Question 38

When is Otivo’s advice not suitable?

Accepted Answer

You're aged 60 or older. Cover can be difficult to get or keep once reaching this age and varies amongst insurance providers. If aged 60 or over, for example, an insurer might not cover or offer SCI or TPD insurance.
If you work less than 15 hours per week, are employed as a casual, or are on a fixed-term contract for less than 12 months, it's unclear whether you'll be covered, and unfortunately, we cannot offer you financial advice.
You have a total super balance of under $6,000 where the cost of insurance premiums may not be economical, resulting in the erosion of a low account balance.
You have other family members (other than your partner) who depend on you financially and are over 18 years of age.
You need help choosing a waiting or benefit period that aligns with your situation. These impact when the first benefit payment is received (after a successful claim), how long payments will last, and apply to SCI.
You've lost track of your super and have an inactive account.
You are receiving income from your super (i.e. retirement income or disability income payments).
You've been declared bankrupt.
You're involved in family law proceedings or negotiations (this may include orders issued by the Family Court or property settlement with your former partner).

If you need guidance above what we offer, consider seeking advice from a financial adviser.

Question 39

Are there any limitations with Otivo's insurance advice?

Accepted Answer

While Otivo's considers many aspects of your personal situation, its advice is scoped and doesn't include everything. The insurance advice does not:

Consider whether you should hold personal insurance inside or outside of super, and if outside, whether your budget can handle it.
Assess the cost and suitability of your current insurance, in or out of super, and whether you should keep, alter, or replace it with a different insurer.
Provide trauma insurance recommendations, which typically pay a lump sum if you become critically ill.
Consider factors like your occupation, gender, health, or smoking status, which affect premium calculations. Otivo doesn't collect this info, so it can't estimate premiums.
Evaluate your employment arrangement, such as contract terms, work hours, or annual leave, which can impact eligibility for cover and claims.
Provide taxation advice regarding premiums and benefits, as the tax treatment varies based on factors like cover type, ownership, and recipient age.
Consider how insurance payouts might affect government payments from agencies like Centrelink or the Department of Veterans Affairs.
Consider your partner's age, gross annual salary, super balance, desired retirement age, and assets and debts solely in their name, other than your home. This info is also covered in other Otivo modules.
Incorporate any financial advice you've previously received, such as trauma cover recommendations, that wasn't provided by Otivo.

Question 40

What is an algorithm?

Accepted Answer

An algorithm is a complex system of automated, sequential instructions designed to solve a problem or complete tasks.

Question 41

What are asset classes?

Accepted Answer

Asset classes are categories of investments, such as shares, bonds, managed funds, and real estate (property).

Question 42

Who is Chant West?

Accepted Answer

Chant West is a super fund research house that evaluates and rates super funds in Australia.

Question 43

What are diversified options?

Accepted Answer

Diversified options refer to investing across various asset types to reduce the overall risk of a portfolio.

Question 44

What is the difference between growth and defensive investments?

Accepted Answer

Growth investments aim for high returns, while defensive investments prioritise stability and lower risk in performance.

Question 45

What does 'geared' mean in investments?

Accepted Answer

Geared refers to using borrowed funds to amplify potential gains or losses in an investment’s value.

Question 46

What are higher-risk assets?

Accepted Answer

Higher-risk assets are investments with a greater potential for loss but also higher potential returns.

Question 47

What is a Lifestage investment?

Accepted Answer

A Lifestage investment is a portfolio designed to match your risk tolerance and goals at different stages of life.

Question 48

What is a single asset class?

Accepted Answer

A single asset class refers to an investment type, such as shares, bonds, managed funds, or real estate.

Question 49

Who is ASIC?

Accepted Answer

ASIC stands for the Australian Securities and Investments Commission. It is the regulatory body in Australia responsible for overseeing and enforcing laws related to financial services, markets, investments, and corporations.

Question 50

How do I deactivate my account?

Accepted Answer

From the Dashboard in the right corner, click on 'Account' then select the 'Account details' tab. Scroll to the bottom of the page and select 'I'd like to deactivate my account'.

Click on it and a pop-up reminds advises you of what's about to happen and that we're required by Australian law to keep your records for a period of seven years.

If you're sure, click the big red button that says ' Yes '.

It takes a few seconds to complete the task. Close down your browser.

Question 51

How do I change my email address?

Accepted Answer

From the Dashboard (aka 'Home') click on 'Profile' then select the 'Account details'. All personal details are adjustable, simply select 'Edit Account' at the top right hand side of the box, update your details, then click the 'Save' button. Then select 'Lock Account', top right hand corner.

Note that you might not be able to do this if your employer is providing your subscription. Contact Us if you have any problems.

Question 52

What's a good retirement age and why?

Accepted Answer

For many working Australians, their second greatest asset is their super balance (home is first).

Accordingly, age 60 is popular for those who stop working and can access their super (it's used to meet living expenses once retired).

Reaching age 65 is also a popular retirement age as it's when super can be accessed without restrictions like having to retire, and many reach age pension age.

It makes sense therefore, that the ABS latest report on Australian Retirement and Retirement Intentions state that:

There were 3.9 million retirees.
55% of people over 55 were retired, up from 53% in 2016-17.
Average retirement age (of all retirees) was 55.4 years - and 55% were women.
Half a million people intend to retire within 5 years.
Average age people intend to retire is 65.5 years.
The government age pension was the main income source for most retirees.
Retirees with no personal income remained around 30% for women and 7% for men.

It's important to remember that your income needs to last as long as you do. Most of us underestimate how long we'll live.

The ABS reported that males and females born in 2019-21 are expected to live to age 81.3 and 85.4 respectively. If we run out of income before then, the age pension is likely to be the main source of income.

To ensure we don't outlive our retirement savings (aka retirement income longevity), projections often use a conservative estimate of around age 92 or older to ensure that retirement income is planned and managed for a longer period.

Question 53

How do I change my living situation or location?

Accepted Answer

From the Dashboard (aka 'Home') > Account > Account details and halfway down the page you'll see 'Your Living Circumstances' where you can change your:

Postcode
Living situation: own your home outright, rent or have a mortgage.

Don't forget to Save your changes (scroll down to the bottom of the page for the 'Save Account Details' button).

Question 54

How to add debt - new or additional

Accepted Answer

From Dashboard (aka 'Home') > Debt > Click 'Want to add another loan?' will enable you to add a first or additional loan of any type.

Tip: If the debt is a mortgage on an investment property, add the details like rent income in Invest + Retire > 'Add investment plan'.

Question 55

Where is Sharesight?

Accepted Answer

From Dashboard (aka 'Home') > Invest + Retire > click on 'Link to Sharesight' at the bottom of the page and follow the prompts.

Designed for self-directed investors, Sharesight is a comprehensive online portfolio tracking tool that automatically tracks the performance of your investments – eliminating the need for Excel spreadsheets.

Unlike the data provided by most brokers, Sharesight considers the impact of capital gains, dividends, brokerage fees and currency fluctuations when calculating returns, giving investors the complete picture of their performance and allowing them to make better investment decisions.

Question 56

Why doesn't the platform tell me what investments I should invest in?

Accepted Answer

We're different from 'robo-advisers' who specialise in that.

We're a digital financial advice service that specialises in providing advice (not products or investments).

If we decide to offer pre-selected portfolios in the future, for example, we'll promote it on our home page.

Question 57

Why can't I do my banking through the platform?

Accepted Answer

We're licensed to provide financial advice, not banking services (for which a banking license is required).

Otivo simply allows you to view and organise your financial situation. No one (not even you) can move or remove money inside of Otivo.

If you're wondering about account linking, we use a third-party business called Basiq to connect directly with financial institutions such as banks, credit unions and super funds. They also employ bank-grade security and encrypt their data. You can read more about how Basiq secures your data here.

Question 58

Can I link my share trading account?

Accepted Answer

Yes by using Sharesight (it's a portfolio tracking service).

From Dashboard (aka 'Home') > Invest + Retire > click on 'Link to Sharesight' button and follow the prompts.

You'll be taken to Sharesight where you can add your shares, keeping your portfolio linked so it's automatically updated in Otivo (in Invest + Retire > My Portfolio).

Question 59

Can I link my employee share scheme (ESS) account

Accepted Answer

Ask your employer or examine the plan documents or prospectus related to your employee share scheme. They may contain information about the account holder or provide guidance on how to access your account.

Tip: Shares would need to be listed and accessible by you and part of your Sharesight holdings.

Question 60

My linked account balances aren't updating

Accepted Answer

From Dashboard (aka 'Home') > Account > Account details > Linked Accounts and select the 'Refresh' button.

If nothing changed, please click on the Unlink button then re-link your accounts by clicking on the Map Accounts button. This might fix issues that have occurred between your financial institution and Basiq.

If this doesn't work try repeating the above steps

No luck? Please Contact Us and we'll investigate.

Question 61

How does Otivo and map my plan get paid?

Accepted Answer

Many of Australia's most forwarding thinking companies and pay us to provide advice to their employees.

Subscribers from the general public also pay us directly.

We don't earn any commissions from product providers.

It's all in our Financial Services Guide .

Question 62

Where do I add or edit my existing cash savings

Accepted Answer

From Dashboard (aka 'Home') > Profile > Financial summary > Assets > Other assets > select 'Add an asset', enter details and click 'Save', for your details to be updated.

Question 63

Do I need to sign up with my work email?

Accepted Answer

This depends on your employer, as some require you to use your work email while others don’t. To check or update it, just head to the Dashboard > Profile > Personal Info and look for the Email field. Try changing it, and if it saves, you’re all set!

Question 64

Expense Tracker is showing a lump sum transfer amount

Accepted Answer

It's related to how your financial institution is labeling it. Sorry, we have no control over it.

When you're paying an expense, some banks make you categorise it, others take a guess.

Any transaction Basiq can't categorize, like a personal super contribution or paying an insurance premium, get's placed into the lump sum transfer bucket.

Frequently asked questions