Fintech firm aims to bridge advice affordability gap

OpenInvest

17 December 2021
| By Oksana Patron |
image
image
expand image

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.”

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

1 day 13 hours ago

Interesting. Would be good to know the details of the StrategyOne deal....

5 days 19 hours ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 3 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 5 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

4 days 17 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

3 days 20 hours ago