Adviser Ratings has launched a range of direct to consumer (D2C) digital financial planning solutions on its Smart Tools register.
The service now included 45 smart tools including solutions to help with superannuation account consolidation, self-managed super funds and active investing.
The firm said many D2C services such as cashflow management and budgeting were integrating this with traditional advice businesses in a hybrid model as this enabled them to attract a diverse consumer audience.
Penetration of financial advice was at an all-time low of 14 per cent, according to Adviser Ratings, so firms were exploring how they could respond to higher cost burdens and shift their focus to affluent customers.
Mark Hoven, chief executive of Adviser Ratings, said: “The opportunities for the digital financial advice world to fill this increasing gap have never been greater. Australians need practical assistance with everyday activities and are now placing greater trust in technologically advanced, automated solutions as diverse as Siri, Alexa and Uber.
“And with online banking and electronic payment systems widely accepted for handling money, mass consumer adoption of online, automated or self-directed advice solutions is around the corner.”
Adviser Ratings’ service included Smooth Retirement to offer specialised income and funding advice for retirees based on equity release, Longevity App to help people boost their super contributions and Selfmade, an accounting technology to help run self-managed super funds.