We moved out of large advice firms as we could both see the advice industry needed to change and the incumbents were being too slow to address that.
The reasons that we felt advice provision had to change is that investors want more flexible ways to interact with advice providers, they often want to do at least the early stage investigation of investment matters themselves, and they want to receive and pay for advice only in the areas they want.
Recently National Australia Bank announced it will provide a digital advice solution to its clients citing similar messages it had received from its client base.
Our aim is to provide structured, informative and non-conflicted advice to investors who want a “second opinion” or health check of their own situation. It will be non-execution so no follow through sales of investment products or services.
Beyond the obvious appeal to the growing number of self-directed investors we also see that our type of service can provide a bridge to more ta...
We moved out of large advice firms as we could both see the advice industry needed to change and the incumbents were being too slow to address that.
The reasons that we felt advice provision had to change is that investors want more flexible ways to interact with advice providers, they often want to do at least the early stage investigation of investment matters themselves, and they want to receive and pay for advice only in the areas they want.
Recently National Australia Bank announced it will provide a digital advice solution to its clients citing similar messages it had received from its client base.
Our aim is to provide structured, informative and non-conflicted advice to investors who want a “second opinion” or health check of their own situation. It will be non-execution so no follow through sales of investment products or services.
Beyond the obvious appeal to the growing number of self-directed investors we also see that our type of service can provide a bridge to more targeted personal advice and perhaps even to the more traditional face-to-face model.
As our first foray into the market, we have focused on Self Managed Superannuation Funds (SMSFs) as these investors have already made the decision to take control of their finances but also, and perhaps more importantly, they’ve got a regulatory requirement to do so.
The investment process for an SMSF is guided by the fund’s written Investment Strategy document. The ATO has identified that this part of a trustee’s obligations needs more attention. The Investment Strategy is not a set and forget document but needs reviewing regularly and adjusted as circumstances change. It also needs to be robust so it provides proper guidance instead of a very broad-based strategy that has little direction or measurable outcome.
Our SMSFCheck service is essentially a checklist approach to identify if a fund is addressing all of the areas that it is required to and focuses the investor on best practice management for an investment strategy.
The report is a one off service for an upfront fee for trustees and can also be licensed to advice groups as a lead generator and qualifier.
We have also positioned ourselves to provide education and knowledge for trustees. This include an editable version of our retirement income calculator, an SMSF Trustee education course that we are developing in conjunction with the regulator, the Australian Taxation Office, and investment information provided by our global data partner,
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