Digital advice fintech Fiduciary Financial Services, operating as moneyGPS, has announced a partnership with financial advice licensee Lifestyle Asset Management, giving its network of advisers access to moneyGPS’ client-led digital advice proposition.
Through the partnership, advisers operating under Lifestyle Asset Management will be able to service clients who may otherwise be unable to afford access to financial advice.
According to moneyGPS, the platform is designed to help the “90 per cent of Australians who cannot afford comprehensive advice” by offering them affordable financial advice from experts, with statements of advice (SOA) starting at less than $100.
Speaking on the announcement, co-founder and chief executive of Fiduciary, George Haramis, said he is pleased with the new partnership and the opportunities it will afford their clients.
“Our vision is to meet the broad advice needs of working Australians at every stage of their lives. Now Lifestyle Asset Management’s clients can benefit from access to digital advice, a range of financial services, and financial wellness education and resources,” Haramis said.
“MoneyGPS serves Lifestyle Asset Management’s clients wherever they are at, to improve their position and get their financial house in order.”
Lifestyle Asset Management’s head of strategic planning, Scott Heathwood, said the new partnership will help their advisers service more Australians at a more affordable price point.
“Our relationship with moneyGPS has provided our adviser network with the genuine opportunity to offer what many people with limited financial resources have been after for a long time – access to personal financial advice at a fraction of the traditional costs,” Heathwood said.
“Having the ability to finally afford personal advice is a significant milestone for every working Australian. Getting your finances sorted with the backing of trusted advisers is a huge bonus and provides comfort to our clients. It helps enormously to take the financial stress out of life.”
Speaking with ifa last year, Haramis said the platform will help bridge the gap for those wanting financial advice but are unable to afford the high cost.
“A lot of advisers are being slammed at the moment, because of the demand for advice,” he said.
“They’re either having to turn clients away, or put them on hold in terms of delivering services and not charging of course, so digital provides them with a chance to engage a greater number of people who may be in the accumulation phase of their lives, can’t afford the 4 or 5 or 6 thousand dollars an adviser is charging for a financial plan … and digital advice provides that platform that allows people to engage with advice that is best suited to their needs at the time when they need it.”
