Adviser Ratings expands Smart Tools services
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.
AUTHOR
Laura Dew
Recommended for you
Retail investment into private credit funds could surpass that of sophisticated investors, according to ASIC, but the regulator admits it is unsure how and where these individuals are first being introduced to the vehicles.
With the high cost of advice keeping young Australians locked out of advice, a fintech provider has said digital advice is key for licensees to capture this unadvised demographic.
ASIC chair Joe Longo has announced he will step down at the end of his term, departing the corporate regulator in May 2026.
When it comes to the phase-out of AT1 bonds, Schroders fixed income manager Helen Mason has urged financial advisers to sell up sooner rather than later or risk capital losses.
