moneyGPS launches suite of digital Statements of Advice (SoAs) in Australia.

More Australians are set to benefit from affordable financial advice as moneyGPS launches what it believes is the largest suite of digital Statements of Advice (SoAs) in Australia.

Available to customers and members of subscribed Accountants, Financial Advisers, Superfunds, and Employers, the SoAs bridge the advice affordability gap with a fully digitised advice process.

Fiduciary Financial Services Pty Ltd, trading as moneyGPS, is launching five new digital Statements of Advice throughout August with a further four being made available by the end of Q3. Available via the moneyGPS platform and delivered under either the moneyGPS AFSL or the subscribing firm’s, the SoAs are:

1. Super – Investment Choice 
2. Super – Co-Contributions 
3. Transition to Retirement (income top-up) 
4. Transition to Retirement (tax effective top up) 
5. Commence Account-Based Pension

SoAs launching at the end of Q3

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

Existing suite of documents

1. The Money Check-Up – digital fact find for 18-44 years
2. Savings & Investment SoA
3. Super – Salary Sacrifice SoA

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 Money Check-Up, which is designed for users 18-44 years of age and has a completion rate of 79%. 

The timing of the SoAs and additional fact find is pertinent. According to Adviser Ratings Report: Australian Financial Advice Landscape 2024, the demand for advice is rising as most Australians feel worse off than they did 12 months ago and 60% are living pay cheque to pay cheque. 68% see the value of receiving financial advice, but that same amount only want to pay under $500 for it. 

The median fee for face-to-face advice is now up 58% from five years ago and increased regulation has seen up to 500,000 lower-fee clients let go by their adviser because they are unprofitable to service.

George Haramis, one of Fiduciary’s Founders and CEO, said, “Digitally created, accessible and affordable personal financial advice is the answer. We’ve made the process simple for Accountants and Advisers to subscribe to the platform. Our vast range of financial advice plans cater to all stages of life, and because SoAs start at under $100, subscribing practices can make safe and compliant advice available to those clients that need it most.”