FSC grows its advice representation footprint

The Financial Services Council (FSC) has broadened its reach into financial advice with the formation of a Digital Advice Expert Group.

Just weeks after announcing the addition of two financial advice licensee executives to its board and a new engagement model which includes six large licensees, the FSC has announced the inclusion of the Digital Advice Expert Group under its broad umbrella.

In doing so, it said the Group had been born out of the concept of a Digital Advice Association.

The formal FSC announcement quoted chief executive, Blake Briggs describing digital advice as offering “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,” Briggs’statement said.

“Independent research has shown that almost 4 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 announcement said 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”.

According to Ignition Advice Global Head of Strategy and Corporate Services Andrew Baker “digital advice technology is the only way to match the huge gap between the demand and supply of advice, and will improve the quality, accessibility, and affordability of financial advice for the millions of Australians who want and need it.

“The Digital Advice Expert Group has a pivotal role in contributing to the formation of policy to support digital advice adoption and we look forward to working closely with the FSC to help shape the exciting future for digital advice in Australia,” he said

Intelligence Ink Chief Strategy Officer, Digital Advice Jacqui Henderson said: “Our guiding vision is to enable all Australians access to a digital advice service and give them a greater chance of a financially secure future.

“Our role is to support the industry in the delivery of advice in a more digitised, efficient and scalable way – solving the age-old problems around complexity and cost.”

moneyGPS CEO and Co-Founder George Haramis said: “It is now crystal clear that the market has accepted digital advice as a mainstream offering, critical to the wellbeing of working Australians.

“As a founding member of the Digital Advice Expert Group, moneyGPS welcomes the opportunity to be working with the FSC, given our common objective is to progress the use of digital advice services across the financial services and superannuation industry, and lead the policy discussion as the technology-lead proposition evolves over time.”