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Unpacking digital advice: Why these firms believe they have the solution

Unpacking digital advice: Why these firms believe they have the solution

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By Reporter ·
May 11 2023

Unpacking digital advice: Why these firms believe they have the solution

At our upcoming Adviser Innovation Summit, we will delve into the launch of the Australian Digital Advice Association, a groundbreaking initiative aimed at driving regulatory change and enhancing the delivery of digital advice solutions.

The association’s founders — fund manager abrdn and firms Ignition Advice, Money GPS, and Advice Intelligence — will join Adviser Innovation’s editor, Maja Garaca Djurdjevic, on a panel to discuss their goals and how a unified and coordinated voice for digital providers can revolutionise the industry.

Among its many recommendations, the Quality of Advice Review (QAR) suggested that digital advice providers be exempt from the duty to act in the best interests of customers, and instead be subjected to a new duty to provide “good advice”.

Encouraged to launch the association by both QAR reviewer Michelle Levy and Financial Services Minister Stephen Jones, our panellists detail how digital advice aligns with QAR recommendations to deliver advice within safe parameters.

Discover the reasons why digitally enabled, fully compliant personal advice propositions are the future, alongside:

  • How digital will enable personalised solutions in the form of fully compliant advice to help clients reach their financial objectives — at their pace, when they want it, one topic at a time, and at prices they can afford.
  • How digital can solve the “age-old problem” related to the cost of providing advice, which is prohibitively high.
  • Why a “hybrid model” may be the answer — one that combines the expertise of human advisers with the efficiency of digital tools and “robo” models.

Speaking on the occasion, MoneyGPS CEO and founder, George Haramis, said: “The opportunity to participate at the Adviser Innovation Summit 2023 is a very important one, as it provides the perfect forum to demonstrate to advisers that digital advice providers are not their competition, but their new best friend”.

“Having managed several national AFSLs, I have a clear view of how professional (human) advisers can embrace the digital advice opportunity for the benefit of their business and, most importantly, their clients.”


Also commenting, Jacqui Henderson, founder and CEO of Advice Intelligence, said: “We are on the precipice of a new era for financial services and I am excited to welcome this next evolution of financial advice”.

“The digital advice landscape enhances the adviser and client relationship in significant ways that will benefit both consumers and the wider industry — improving the advice journey, building efficiencies, and bolstering business success.”

To secure your ticket to the Adviser Innovation Summit 2023, click here.

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