Online financial planning services provider, Map My Plan has announced it has inked a deal with the Association of Financial Advisers (AFA) that will enable AFA adviser members to provide the firm’s services to its clients.
The deal, which was announced at the 2017 AFA National Adviser Conference on the Gold Coast, would enable advisers to sign up to the digital advice service where they would receive their own version of Map My Plan, and they can then upload all their clients at once or send emails to clients to sign themselves up to the service.
They could take a csv file from Xplan or Midwinter and upload it on to Map My Plan, the firm said.
Consultant and responsible manager for the Australian financial services licence (AFSL) which Map My Plan operates, Simon Micallef, said the deal aimed to access the 80 per cent of unadvised Australians.
“How do we get to the Australians that have simple advice needs that open up the door? Open up the door to provide greater opportunities for financial planners in the process?” he asked.
Under the deal, advisers who attended the AFA conference could sign up for $5,000 a year which would enable them to load 300 clients on to the system. They can sign up to a 30-day free trial before proceeding with the subscription.
Advisers who sign up to the service can access ongoing client education, dashboard reporting, unlimited statements of advice, and advice covered by Map My Plan’s financial services licence, among other features.
Under the deal, Map My Plan would donate 10 per cent of its annual revenue from AFA members who signed up to the service to the AFA Community financial literacy programs