3 reasons why digital advice is the opportunity of a decade for accountants
The financial service industry and professional services channels are buzzing with activity after the government’s commitment at the end of last year to support most QAR recommendations and digital advice.
The Financial Service Minister referenced the use of digital advice as of paramount importance to the industry.
“Scale will also be met by emerging digital advice technologies. The benefit of digital advice is that it enables the client to receive helpful advice at a time and place that suits the client.”
While Banks, Superfunds and Insurers have been playing in the financial advice space in some form on and off for decades, 2024 will be the year they uplift their capabilities and start offering compliant digital financial advice.
While enterprises with large member bases can be viewed as favourably placed to offer this service, the accounting industry has the most sizable and promising opportunity.
Accountants are custodians of 27% of superannuation assets.
They have access to or are providing advice on SMSFs and an estimated 25-40% of individuals’ super assets, insurance, debt, and other investments. In terms of market share, accountants hold a significant amount.
Accountants have the great wealth transfer in their sights.
They spend their careers supporting their clients to build wealth, many of whom are part of Australian high-net-worth households aged 55+ who currently own a combined $2.8 trillion. 80% say they intend to leave a legacy, yet only one in five have a plan to do so.
Accountants are among the most trusted professionals, globally.
Research, surveys and studies consistently place accountants as highly trusted professionals. Our own research, conducted in 2020, showed that people are more likely to engage with a financial service from their accountant.
Competition will grow quickly
Now that digital advice has been given the tick of approval from the government, the race is on. It’s up to accounting firms to act quickly on this opportunity and offer their clients accessible, affordable digital financial advice before someone else does.
Offer digital advice without the hefty investment
moneyGPS is a turnkey solution that enables you to provide digital financial advice to your clients without needing an AFSL. Up and running within weeks, subscriptions start at just $530+GST per month per office.
Accountants are in a prime position and must grab this once-in-a-decade opportunity immediately. They are trusted guardians of a significant market share of superannuation assets and have clients who want to leave a legacy during the great wealth transfer.
It’s not often these seismic industry and landscape shifts come around, and it’s even rarer to have an affordable, plug-and-play solution available.
Book a 30-minute chat with CEO and Co-Founder George Haramis to ensure your practice isn’t left behind.
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accountantsGPS and moneyGPS SaaS products provide affordable, compliant digital advice and SMSF services, to Australians through; Institutions, Accountants, Financial Advisers, Superfunds and Employers.
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Fiduciary is an Australian Fintech and owner of accountantsGPS and moneyGPS—SaaS products that provide affordable, compliant digital advice and SMSF services, to Australians through; Institutions, Accountants, Financial Advisers, Superfunds and Employers.
Designed by finance industry stalwarts George Haramis and Drew Fenton and created by a team of tech heads, it combines all the brilliant parts of the financial services world in a simplified, user-friendly way.
accountantsGPS integrates with BGL’s API extracting data from BGL’s Simple Fund 360 SMSF administration software to produce a digital SMSF Check-Up report.
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