The delivery of Financial Advice in Australia is expected to have massive upheaval if the Australian government accepts all the recommendations of the Quality of Advice Review, headed by Michelle Levy. Even if some of the twenty-two recommendations are enacted, it is likely that a much larger group of Australians will have access to affordable advice. Some of this advice may be delivered by people without the qualifications required for Financial Advisers. This is likely to affect the way in which New Zealand delivers financial advice to all consumers.
Some of these changes will likely come to New Zealand. One way for New Zealand financial advisers to protect their incomes is to prepare ahead with software that will allow them to deliver affordable advice to all New Zealanders in need of financial guidance.
Plencore Wealth Ltd, the designer of Financial Mappers, is creating a completely new product called Financial Advice Online. Financial Advice Online was developed in direct response to the Quality of Advice Review (Australia). The government wants high-quality, affordable, and accessible advice for all and is expected to change current legislation to enable this advice to be given, not only by financial advisers but other members of the Financial Services Industry, such as Superannuation/Pension funds, Wealth Platforms, Digital Banks and those in the Financial Literacy Space.
The software has been customized for New Zealand financial advisers and financial institutions.
When a New Zealand company customizes its version of the platform, the following will default:
- KiwiSaver
- New Zealand Superannuation
- New Zealand Tax Rules
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 visit Financial Advice Online for New Zealand.
Glenis Phillips SF FIN – Designer of Financial Advice Online
Disclaimer: Financial Mappers does not have an Australian Services License, does not offer financial planning advice, and does not recommend financial products.
