Ford Scott partners with Otivo
Tasmanian financial planning firm Ford Scott has engaged online advice business Otivo to bridge the industry-wide challenge of unaffordable advice and orphaned clients.
Ford Scott, a Diverger practice, would use Otivo’s technology to provide digital advice to their low-revenue clients and former clients who were unable to be serviced due to increased costs following the Royal Commission.
Tim Scott, managing director of Ford Scott, said: “With the cost of providing advice becoming more expensive, an increasing number of Australians have been unable to access personal financial advice. By partnering with Otivo, we're able to service these clients and their extended family members in an online format they feel comfortable with.
“We don't look at Otivo as a competitor. Instead, we see them as a technology-enabler. And importantly, because they have their own AFSL, their process is fully compliant”.
Scott said the partnership would improve the financial advice industry, offering all Australians the opportunity for wealth generation, even in challenging times.
Adviser Ratings research highlighted there were hundreds of thousands of clients who were no longer able to access advice due to increasing costs..
Paul Feeney, founder of Otivo, said: “Otivo's technology overcomes this dilemma by automatically updating its advice to any changes to a client's financial situation. This not only benefits the end client, it's also a valuable tool for planners, super fund members and wealth providers seeking scalable advice” .
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