Plencore Wealth, the creators of Financial Mappers, launches Financial Advice Online

Plencore Wealth, the creators of Financial Mappers, launches Financial Advice Online

Plencore Weath, the creators and team behind Financial Mappers, have announced the development of a completely new product, Financial Advice Online.

The Quality of Advice Review submitted its final recommendations to the Government in January 2023.  The government has now announced more consultation with stakeholders before they act on the recommendations made by Michelle Levy and her committee.

The Quality of Advice Review was a very detailed review where Michelle Levy spent a great deal of time consulting with a wide audience.  In general, it seems the report has been relatively accepted by the majority.

For those who want a summation of the recommendation Simon Soljo of Allens, gave his insights in the article Quality of Advice Review final report – a snapshot.

The degree to which the government changes regulations around the provision of advice is unknown.  However, I think it would be reasonable to anticipate that the advice process for financial advisers will be less complex.  It is generally anticipated that the Statement of Advice will be replaced with an Advice Document that is easier for the client to understand. The emphasis will be on providing “Good Advice”, that may be delivered in a number of ways.

It is also anticipated that organizations such as Superannuation Funds, Wealth Platforms, Digital Banks, and those in Financial Literacy will be given access to providing financial advice.  At this stage the extent to which they can provide advice and if they will require any training or licensing is unknown.

The intention of the Financial Advice Online product is to allow Financial Institutions, including Financial Advisers, access to software that enables the delivery of both a Financial Plan and an Advice Document.  The process can be performed completely online; however, some may want to include a phone consultation as part of the advice process.

Financial Advice Online aims to deliver a product that will ‘streamline financial advice without the gridlock’.

Versions have been developed for both the Australian and New Zealand markets, each with a dedicated URL:

To find out more watch this video on Financial Advice Online: