Digital advice and super funds are likely to be the source of financial advice for many, as the cost of face-to-face advice rises.
Younger Australians looking for simple investment advice are eschewing high-cost traditional providers in favour of newer, robo-advice and digital platforms, as the number of financial advisers continues to fall.
Paalep uses Collins House’s online investment service, which offers six pre-mixed diversified investment options with differing risk-versus-reward trade-offs. The underlying investments are combinations of index-tracking exchange-traded funds and managed funds. Many advisers offer “scaled” or limited personal advice on particular topics for lower fees. Moves are afoot by the federal government to allow superannuation funds to be able to give personal advice on matters related to super and retirement.That was a recommendation of the Quality of Advice Review, released earlier this year. About 3 million super fund members will become eligible to draw from their super in the next 10 years and will be looking, quite naturally, to their funds for advice.
While digital advice is developing rapidly and despite the popularity of “robo-advice”, it is still limited in what it can do, Guiamatsia says. Josh Grace, the chief customer officer with Colonial First State , a retail superannuation fund and investments provider, says people need to have advice options that meet their needs.
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