Plencore Weath Ltd is pleased announce 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.
Financial Advice Online
Plencore Wealth Ltd has commenced the development of a new product called Financial Advice Online. The intention of this 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.
We aim 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:
This product is an opportunity to deliver financial advice as an attractive product for the public. The product engages with the client using a multi-media experience, allowing the client to explore in their own time all aspects of the advice they are seeking. The advice is supplemented with an extensive financial literacy program and the ability for the client to do a “deep dive” into the financial plan created by the adviser.
To find out more watch our video Financial Advice Online.
Glenis Phillips SF Fin – Designer of Financial Advice Online
Check out these articles about the Quality of Advice Review
- Advice upheaval requires more than tinkering around the edges (David Sharpe – Professional Planner)
- Quality of Advice Review (QOAR) (FPA)