The Debate Continues about Affordable Financial Advice
On 27 May 2021, James Kirby, Wealth Editor of The Australian, wrote a thought-provoking article, entitled Financial advice gets sliced from the menu of all but the richest Australians.
The problem appears to be that the cost of complying with government regulations has raised the administrative cost of advice to around $1,000 before consideration is given to providing the advice. This is leaving access to financial advice to the very wealthy, while those who most need it are being excluded.
ASIC released CP 332 Promoting access to affordable advice in November 2020 and requested submissions from the Financial Services Industry. These submissions are now being considered and it is hoped that this will pave the way for a relaxation of the regulations so that the mass market can seek financial advice in various formats, according to their advice needs and ability to pay.
Kirby’s article failed to address the issue that new digital tools are being created by the Fintech Industry so that financial advice can be made available to all. There are tools available now.
Financial Mappers is one of those Fintech’s dedicated to providing financial advisers with the digital tools that will enable the provision of low-cost advice.
Glenis Phillips the Designer of Financial Mappers has recorded a new Webinar, “Superannuation the Gateway to Financial Advice” and is available on-demand. This webinar discusses the option for a Subscription Model to service clients who are currently being excluded from seeking advice.
The webinar is accredited by both the Financial Planning Association (FPA) and the Association of Financial Advisers (AFA) and entitles each participant to 1 CPD point as part of their Continuing Professional Development.
If you are a Financial Adviser, who would like to find out more about how to service that large market of consumers who currently have unmet financial advice needs, please register HERE.
Glenis Phillips – Designer of Financial Mappers
Disclaimer: Financial Mappers does not have an Australian Financial Services License, does not offer financial planning advice and does not recommend financial products.