Financial advice firms have the advantage: digital advice

Financial advice firms have the advantage: digital advice

The government’s commitment, at the end of last year, to support most of the QAR recommendations and digital advice, ruffled some feathers in the financial advice industry.

If passed into legislation, a new level of qualified adviser will not solve the advice gap problem, at least in the short term.

Meanwhile, giving the green tick to digital advice has seen the financial services industry and professional services firms buzzing with activity off the back of The Financial Services Minister saying, 

“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.”

Financial advisers are well acquainted with Banks, Superfunds, and Insurers dipping in and out of the financial advice space over the past decade, but 2024 will be the year they uplift their capabilities and start offering compliant digital financial advice.

Historically, the big end of town has benefited most from industry shifts that require significant investment, but technological innovation has created democratisation.

As the roads of tech, regulation and landscape for digital financial advice finally merge, financial advice practices are small enough to be agile and engaged enough to be impactful, if they act fast.

Digital advice: a co-pilot for practices

Long gone are the beliefs that digital advice will steal jobs. Like much of the tech used in business every day, digital advice is there to plug gaps—servicing clients with simple needs that an adviser doesn’t have the capacity for. Providing access to low-cost, high-value financial advice plans that include an option to talk to a human if required, helps these clients get their financial house in order and create a pathway to more comprehensive holistic advice.

No risk or compliance burden

The moneyGPS digital advice SaaS solution is white-labelled with all financial advice delivered via its own AFSL. This releases subscribing financial practices from any risk compliance worries.

Competition will grow quickly, but advisers have an advantage

It’s only a matter of time before Banks, Superfunds and Insurers offer a version of digital advice to their customers and members. However, given their size, getting new products to market takes time. Financial advice firms can capitalise on this by using a plug-and-play product that can be up and running within weeks.

Offer digital advice without the hefty investment

moneyGPS is a turnkey solution that enables you to provide digital financial advice to your clients on the moneyGPS AFSL. Subscriptions start at just $530+GST per month per office, onboarding takes two hours, and you can choose a done-for-you marketing program. 

The government supports digital advice, and the technology has evolved to be compliant and cost-effective. Financial advice practices are in a choice position and must grab this opportunity immediately before their underserved clients are offered digital advice elsewhere.

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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