The FSC has announced the formation of the Digital Advice Expert Group, noting that almost four million Australians say they would be open to low-cost digital advice solutions.
The council says the concept of a Digital Advice Association was foreshadowed a year ago and now joins the FSC to form the Digital Advice Expert Group.
FSC CEO Blake Briggs says digital advice offers new and exciting ways for consumers to access high quality, affordable financial advice.
“The massive opportunity to deliver financial advice digitally is confronted by common challenges posed by a costly and burdensome regulatory framework.”
…the digital advice sector can provide services at scale to consumers who cannot typically afford advice…
Briggs notes that independent research has shown that “…almost four million Australians say they would be open to low-cost digital advice solutions, and the digital advice sector can provide services at scale to consumers who cannot typically afford advice.”
THE FSC adds the Digital Advice Expert Group’s members share the common goal of ensuring Australians get access to affordable and accessible advice and “…will contribute their unique expertise to the FSC’s policy development to support the passage of financial advice reform through Parliament.”
Ignition Advice Global Head of Strategy and Corporate Services Andrew Baker says digital advice technology is the only way to match the huge gap between the demand and supply of advice, while Intelligence Ink Chief Strategy Officer, Digital Advice Jacqui Henderson adds the group’s role “…is to support the industry in the delivery of advice in a more digitised, efficient and scalable way…”
moneyGPS CEO and Co-Founder George Haramis notes that it’s now “crystal clear” that the market has accepted digital advice as a mainstream offering.
