News

13
Oct

SuperEd to close robo-adviser Clover – but keep its tech

SuperEd will be gradually closing Clover, the robo-advice business it acquired in 2020.

Clover offers its clients – mainly millennials with relatively low balances, a cohort often overlooked by financial advisers – low-cost advice. In contrast, SuperEd’s client base is mainly made up of retirees and pre-retirees.

Harry Chemay, Sahil Kaura, Darcy Naunton and Warren Burns, all ex-Mercer colleagues, founded Clover in 2014.

Almost exactly a year after the acquisition, SuperEd will be winding Clover down while keeping its technology.

SuperEd CEO, Hugh Morrow, commented:

“This is a part of rationalising our brands. We want to focus on providing high-quality advice to our key clients and so we are terminating the management of some of those customers we acquired through the Clover acquisition. Significantly, we acquired valuable tech know-how from the acquisition, and we are integrating the tech into our own systems.”

Speaking at the time of the acquisition, Mr Morrow said:

“Clover’s capabilities are an important step forward for us to implement our retirement advice. It therefore fits really well with our existing capabilities and moves us forward in terms of our strategic plans to deliver better retirement outcomes.”

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