A new product has been launched into the market which the promoters claim will challenge the financial planning industry by offering consumers an online platform priced from a capped $27 a month.
The new product, a financial planning service labelled www.trulity.com.au, uses an online subscription fee model.
The principal of Trulity, chartered accountant and certified financial planner Bill Kruger, claimed the service recognised that the average Australian had little or no access to financial advice because the service is either too complicated – many people want to start with simple advice – too expensive, or they simply didn't trust the provider.
He said Trulity had developed a comprehensive financial planning platform which allowed consumers to manage their own financial affairs 24 hours a day, seven days a week through their home computers and tablets.
"Trulity wants to transform the way financial planning is delivered to Australians by offering a simple low-cost solution, with no hidden charges, no asset-based fees and no commissions," Kruger said.
"We have chosen to use technology to provide an alternative to the current full service financial planning model," he said.
"Just as online stockbroking challenged traditional full service stockbroking, with all its accompanying benefits to consumers, we believe Trulity will be the start of revolutionising the delivery of financial planning to the benefit of all."
Kruger said the company had set its sights on the retail financial planning market, as new laws and regulations set to be introduced next year sought to promote consumer access to low-cost advice and eliminate conflicts of interest and commissions charged by financial planners.
He said the fully integrated platform had a comprehensive suite of modules designed to allow customers full independence from financial planners and complete flexibility to tailor their financial plans to suit their own needs.
