The Institute of Financial Professionals Australia (IFPA) has formed a partnership with digital advice provider moneyGPS to allow its members to offer single-topic financial advice to their clients via the latter’s Australian financial services licence.
IFPA said the new arrangement will allow its network of accounting firms, superannuation specialists and financial advice practices to offer affordable, compliant single-topic advice to clients, which would also open a new stream of revenue for practices.
The advice will be offered via a web-based app, which was designed for Australians who cannot afford comprehensive financial advice, with statements of advice starting at under $100. Suggested areas of advice will be generated from a free initial financial health report that identifies financial goals and courses of action, including the option to consult a GPS coach.
IFPA chief executive Pippa McKee said: “Our partnership with moneyGPS offers a significant opportunity for our association to deliver personal financial advice at a fraction of the traditional cost. This milestone makes personal advice affordable for every working Australian, providing substantial advantages and peace of mind through trusted advisers.”
MoneyGPS chief executive George Haramis added: “Our vision is to meet the diverse advice needs of working Australians.
“IFPA members can now provide affordable digital advice that serves clients at every stage of their lives, whether starting out, retiring or needing guidance on estate planning and aged care. MoneyGPS helps improve their financial standing and get their financial house in order.”
MoneyGPS is owned by Australian fintech company Fiduciary, which also owns accountantsGPS, a firm that offers SMSF reporting for accounting practices, and was founded by Haramis and Drew Fenton.
