The Institute of Financial Professionals Australia (IFPA) has partnered with advice fintech moneyGPS, giving its members and their clients access to the platform.
With a network of over 30,000 accounting firms, superannuation specialists, and financial advice practices, the IFPA said its partnership with moneyGPS will significantly expand the digital advice platforms’ reach while also providing a new revenue stream for practices.
As the high cost of advice remains a significant barrier for many Australians, moneyGPS allows them to access compliant, single-topic advice with statements of advice starting at less than $100.
The IFPA noted that, given the ongoing challenge for financial practices, such as expanding their service offerings and meeting clients’ needs without the burden of maintaining an Australian Financial Services Licence, “moneyGPS provides a sustainable solution”.
Speaking on the announcement, moneyGPS co-founder and chief executive George Haramis said the firm is pleased to be working with the IFPA, providing more Australians with access to financial advice.
“IFPA members can now provide affordable digital advice that serves clients at every stage of their lives, whether starting out, retiring, or needing guidance on estate planning and aged care. moneyGPS helps improve their financial standing and get their financial house in order,” Haramis said.
Chief executive of IFPA, Pippa McKee, added: “Our partnership with moneyGPS offers a significant opportunity for our association to deliver personal financial advice at a fraction of the traditional cost. This milestone makes personal advice affordable for every working Australian, providing substantial advantages and peace of mind through trusted advisers.”
This follows an announcement in July that moneyGPS had partnered with financial advice licensee Lifestyle Asset Management, giving its network of advisers access to the platform.
Speaking at the time, Haramis said he was pleased that the partnership would allow most Australians the opportunity to access affordable financial advice.
“Our vision is to meet the broad advice needs of working Australians at every stage of their lives. Now Lifestyle Asset Management’s clients can benefit from access to digital advice, a range of financial services, and financial wellness education and resources,” Haramis said.
