The Quality of Advice Review (QAR) lead, Michelle Levy, will join the Adviser Innovation Summit to discuss her vision for digital advice this Thursday in Sydney.
Ms Levy will speak alongside moneyGPS chief executive officer and co-founder, George Haramis, and abrdn executive adviser Jason Nyilas — two firms currently involved in the launch of the Australian Digital Advice Association.
Among its many recommendations, the QAR suggested 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”.
Speaking on the topic earlier, Ms Levy has said that she is quite convinced digital advice tools can make good quality financial advice widely available.
According to her, technology and digital advice tools could be used to support people who are not financial advisers to provide personal advice, alongside being used by consumers independently for simple advice needs.
“Digital advice tools can also be made available directly to consumers. Some already are, and improvements in technology mean that they are increasingly able to provide more sophisticated personal advice,” she said.
At the AI Summit on Thursday, Ms Levy will expound on her thought process as well as how she sees digital advice aiding the provision of advice by non-relevant providers.
Other topics to be discussed include 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.
Moreover, the panellists will talk about how digital can solve the “age-old” problem related to the cost of providing advice, and why a hybrid model could be the answer.
To find out more about the AI Summit, click here.
To purchase a ticket, click here.
Digital advice could work, but only if it were done 100% independent of product providers.