On Monday (28 March), Scientiam announced a new low-cost digital advice solution designed “to help financial advisers deliver scalable advice to the growing number of Australians who can’t afford or no longer require comprehensive, personal advice”.
Scientiam founder and managing director of Sydney-based firm Arch Capital, Nigel Baker said the start-up is built by advisers, for advisers.
“Many advisers are grappling with how to profitably service segments of their client base and, beyond that, segments of the market that need advice but are currently missing out because they’re too young, don’t have enough to invest or have relatively simple needs,” Mr Baker said.
“Everyone who is interested in building and protecting their wealth, and planning for the future, should have access to quality advice. It should not just be something that’s restricted to the lucky few who can afford it.”
The new subscription-based model aims to increase financial literacy, educate clients and act as an “incubator” for the adviser, while clients have the ability to access tools and superannuation and investment accounts, as well as track spending.
“As advisers, we want to help people but unfortunately that is getting harder to do due to rising costs. This is a sad reality because some clients have been loyal for 10-20 years but, over time, they no longer fit a firm’s ideal client profile,” Mr Baker said.
“With Scientiam, advisers can stay in touch with clients, deliver a compelling service and an excellent experience but not at a financial or opportunity cost to the business.”
More and more Australians require an honest investment solution with the number of new investment fads hitting the market. Not everyone needs financial [i]advice[/i] but most certainly need financial [i]guidance[/i] and education. It is great to see this solution offers access to both.
If this solution can thrive in the current legislative environment, imagine the possibilities once the regulators catch up with the times.
what a brilliant way to help more people access quality information , and give consumers access to advice when they need it .. well done
This is the new Financial Advice “Drive Through”
model.
Designed for those without an appetite for good quality advice, just want a quick fix, aren’t prepared to pay what it takes to do it properly and aren’t very fussy about the ramifications.
It’s the fast food of financial advice.
Looks good, the initial marketing gets you in, you think it’s going to satisfy your need but afterwards leaves you feeling not so good!
Too much of it is also detrimental to your health!
Using fintech as a workaround due to bad legislation is not the way forward.
Yet another “fintech” trying to cash in on Hume’s decimation of professional advice, and hands off regulatory approach to online scams.