Six Park, an Australian robo advisor, released a communication on 28 July 2023 that it is ceasing its MDA service and has given its clients the option to transfer their securities to another broker account within a specific deadline.
To provide the MDA service, QuietGrowth and Six Park:
- use the same third-party service provider Openmarkets for the broker account.
- use the same third-party service provider Macquarie Bank for the cash management account.
- ensure the securities of clients are held under an 'individual' HIN structure.
- construct investment portfolios comprising ETFs.
For more details, visit our 'Why QuietGrowth' webpage.
QuietGrowth is committed to supporting Six Park clients during this transition period.
QuietGrowth holds a lot of respect for Six Park and its co-founder and CEO, Patrick Garrett. Both QuietGrowth and Six Park are early movers and fellow travellers in the robo advice industry in Australia. Both launched the robo advisory service almost at the same time – QuietGrowth in 2015 and Six Park in 2016. "We are sure the Six Park team would have lots of fine memories. You are a kind team with good intent. Hope we work together sometime." says QuietGrowth.