Fintech firm aims to bridge advice affordability gap
Fiduciary, in partnership with digital investment platforms provider OpenInvest, has launched moneyGPS which offer the solution to close the growing advice affordability gap in Australia.
The fintech firm said that, given a constantly growing cost of personal advice, it was crucial to come up with a solution which took into account the advice needs of the mass market of people.
Fiduciary said that its clients would have access via its self-led advice platform, moneyGPS, to BlackRock's menu of multi-asset class and diversified managed portfolios.
“Our key objective was to ensure that we delivered a compliant solution to meet the advice needs of the mass market of people, who know they need advice, but don’t know where to go to access advice – at an affordable price, simply because it is too expensive and becoming more so every day,”
George Haramis, Fiduciary’s co-founder and chief executive, said.
“We are committed to progressing our partnership with OpenInvest as we create additional capability to support clients with new advice topics across the investment spectrum, as well as support new client segments such as the [self-managed superannuation fund] SMSF community.
“We believe we can support SMSFs and deliver solutions to help them better manage their assets, but to also identify specific needs for their funds – both at the trustee and member level, by using our advice led technology.”
Additionally, he said the technology offered clients the ability to complete a digital fact-find (normally a 15 to 20 minute exercise) which was segmented into various components leading to the production of an initial report which is factual in nature and the report identified specific advice needs relevant to the client’s financial situation, as well as other areas needing attention, including health, insurance, estate planning and debt.
“To be in a position where we can offer clients the use of our advice technology in facilitating the production of an affordable savings and investment (12-page) [statement of advice] SoA is an achievement we are proud of,” Haramis said.
“We are absolutely delighted that our clients will also have access to BlackRock’s global investment expertise. The solution is even more attractive given the investment implementation is fully digitised, i.e., no paper, no need for a client service person to become involved, via the OpenInvest platform.”
AUTHOR
Oksana Patron
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