Fintech partners with digital platform to deliver “client-led affordable advice” combined with “proper investing”
Fiduciary has announced its clients will have access to BlackRock’s broad menu of multi-asset class, diversified managed portfolios via its self-led digital advice platform. The relationship has been made possible by Fiduciary’s own partnership with leading digital investment platform – OpenInvest.
George Haramis, Fiduciary’s Co-Founder and CEO, said the moneyGPS digital offering provides a much-needed service for everyday Australians, which finally offers the solution to bridge the large and growing advice affordability gap in this country.
“In developing our client-led advice technology – which we believe is an Australian first, our key objective was to ensure that we delivered a compliant solution to meet the advice needs of the mass market of people, who know they need advice, but don’t know where to go to access advice – at an affordable price, simply because it is too expensive and becoming more so every day.
“To be in a position where we can offer clients the use of our advice technology in facilitating the production of an affordable savings and investment (12-page) SoA is an achievement we are proud of. We are absolutely delighted that our clients will also have access to BlackRock’s global investment expertise. The solution is even more attractive given the investment implementation is fully digitised, i.e., no paper, no need for a client service person to become involved, via the OpenInvest platform.
“We are committed to progressing our partnership with OpenInvest as we create additional capability to support clients with new advice topics across the investment spectrum, as well as support new client segments such as the SMSF community. We believe we can support SMSFs and deliver solutions to help them better manage their assets, but to also identify specific needs for their funds – both at the trustee and member level, by using our advice led technology.”
The moneyGPS platform is now operational and has commenced rollout with its key client, global tax preparation provider, H&R Block, via a pilot program currently in progress before the Fintech launches with its other 11 partners in early 2022.
Fiduciary and H&R Block have been working together for almost two years in shaping how they can engage and assist the tax specialist’s large client base to benefit from accessing affordable advice, which is now completely within their budget.
H&R Block’s Accounting & Advisory Group Director, Russell Scott said, “We welcome the opportunity to be involved in Fiduciary’s ‘moneyGPS digital offering’: a service which aims to deliver much needed affordable advice to our clients and to the public generally. It is also exciting that our clients will be able to access portfolio management from a global investment manager such as BlackRock.”
Chantal Giles, Head of iShares Wealth at BlackRock Australasia said the company is pleased to offer its model portfolios to a broader audience of Australian retail investors.
“In a lot of our client conversations, we hear how self-directed retail investors can sometimes find asset allocation difficult. Our BlackRock Model Portfolios aims to solve that challenge by providing investors with exposure to broadly diversified portfolios in a cost-effective and transparent manner, to help them reach their long-term investment objectives.”
Co-Founder and CEO of OpenInvest, Andrew Varlamos, said he was excited to be underpinning the investment implementation solution of moneyGPS, “We believe all Australians deserve access to proper investing – which we define to mean, multi-asset class portfolios, managed by a trusted and expert entity. Unfortunately, as the cost of traditional personal advice has risen in recent years, more and more people have been left to their own devices – literally. We look forward to playing our part in enabling moneyGPS and BlackRock to help more Australians achieve greater financial wellbeing.
