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Why Advisers, Accountants, and Australians Need Digital Advice Today

The recent Adviser Ratings Report: Australian Financial Advice Landscape 2024, tells a sobering story about our lucky country.

Despite being one of the wealthiest countries in the world, a combination of high interest rates and ongoing inflation means the majority of Australians feel worse off than they did 12 months ago. 60% say they are living pay cheque to pay cheque. 

This, combined with recent changes to Super rules means more people are considering seeking financial advice. 68% understand the value in seeing an adviser, but cost remains the highest barrier.

Unadvised Australians say they’d pay just over $500 for financial advice, but the median adviser fee is $3960.

Even if advice and accounting practices could offer financial advice at a reduced rate, there aren’t enough advisers to do the job. While numbers are stabilising after the Royal Commission fall out, it’s still sitting at under 16,000. 

Such is the burden on existing advisers, they’ve collectively let go over 500,000 low-fee clients over the last few years simply because it’s uneconomical to service them. 

The advice affordability gap has never been more significant.

Digital advice: SoAs that help Australians across the entire customer lifecycle

Thankfully, regulation and technology have converged to close this gap.

With hybrid or fully digital options available, the moneyGPS platform enables accountants and financial advice firms to offer digitally created, accessible, and affordable personal financial advice to clients who cannot afford comprehensive advice. 

By the end of August 2024, the platform will house the largest suite of digital Statements of Advice (SoAs) in Australia.

Delivered under either the moneyGPS AFSL or the subscribing firm’s, the SoAs are:

  1. Savings & Investment 
  2. Super – Salary Sacrifice 
  3. Super – Investment Choice 
  4. Super – Co-Contributions 
  5. Transition to Retirement (income top-up) 
  6. Transition to Retirement (tax effective top up) 
  7. Commence Pension 

A further four SoAs are launching at end of Q3

  1. Super Fund Consolidation 
  2. Super Fund Switching 
  3. Super – First Home Super Saver Scheme 
  4. Insurance Advice – Inside & Outside Super  (fully client led, no commission)

An additional digital fact find is also now available to help Australians better understand their financial health and position and equip them with a plan to improve it. The Retirement Check-Up is designed for users 45 years of age and older who want to ensure they are on the path to their desired retirement. It sits alongside the existing The Money Check-Up, which is designed for users 18-44 years of age and has a completion rate of 79%.

The launch of Australia’s largest suite of digital SoAs means safe, compliant and affordable financial advice can be a reality for the people who need it most.

As already-trusted advisers, financial services firms are best-placed to empower their customers of all income levels to feel confident about their financial futures with an economical solution that makes business sense.

Our Concierge Service can help you identify the potential ROI of your moneyGPS subscription, find the right plan, answer any questions and get your practice signed up.

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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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