Digital advice technology is key to providing quality and affordable financial advice at scale: GBST
Global Wealth and AdviceTech company GBST welcomes the Government’s commitment to making financial advice more accessible and affordable for millions of Australians, as part of the ‘Delivering Better Financial Outcomes” roadmap, that was presented in parliament earlier today to an audience that included GBST.
In response to Recommendation 6 of the Quality of Advice Review (QAR), the Government intends to introduce a comprehensive framework for expanding superannuation advice by legislating consistent rules on what advice topics can be paid for via superannuation; allowing super funds to consider a broader range of a member’s personal and household circumstances; and supporting increased member engagement at key decision points in the retirement income journey.
With over five million Australians approaching retirement, and only 16,000 professional financial advisers, many consumers simply cannot access affordable advice. Digital advice will play an important role in improving accessibility and affordability given “the numbers don’t work”, said The Hon Stephen Jones MP.
“Now is the time to be having these important conversations about the future of financial advice,” said Rob DeDominicis, CEO of GBST. “Superannuation funds, life and general insurers, and banks, all have the opportunity to embed digital technology tools into their advice services.”
“Technology is a critical component in granting Australians individualised and affordable financial advice at scale – super funds are Australia’s main distribution channel to achieve this,” said Jacqui Henderson, GBST’s Head of Advice Solutions – Business Development. “The announcement of this framework is a step forward in reducing the barriers that are holding super funds back from providing members with the financial advice services they want and need.”
By providing members with access to a simple, in-platform digital advice tool like GBST’s Advice Intelligence software, super fund members can build a stronger financial future, and super funds can deliver investment and retirement strategies that would otherwise be inaccessible and unaffordable for many.
“Digital advice technology gives consumers access to helpful advice at a time and place that suits them. For those wanting additional human support, this is also available as part of the digital advice process through hybrid services,” noted Henderson.
The Government has promised to make financial advice easier to access when Australians need it – GBST’s innovative digital advice technology supports the pursuit of enabling everyday Australians to build a better financial future.
