WealthPoint Australia has joined with 2020 Directinvest and Locumsgroup to provide a new online Australian financial advice platform.
The platform, called AdviceConnect, will provide low-cost Australian Securities and Investments Commission compliant advice services to customers in the second quarter of this year.
Locumsgroup managing director Paul Ahearne believes that low-cost advice is a growing trend in financial services.
“The market for low-cost, online advice is huge as the majority of Australians are considered ‘unadvised’ by existing face-to-face and phone advice offerings,” said WealthPoint chief executive officer Mike Giles.
Giles also said he estimates AdviceConnect can deliver simple and limited advice 10 times more efficiently than traditional face-to-face models.
