Written by Phillip King and Josh Needs
Published by Accountants Daily on 30 May 2023
Click here to read on the Accountants Daily website
The SMSF and personal finance platforms will allow accountants to supply greater analysis to their clients.
Melbourne fintech start-up Fiduciary Financial Services has launched two digital advice platforms aimed at accountants who lack an AFSL.
Both accountantsGPS, which targets SMSFs, and sister product moneyGPS, which tackles personal finance, allow accountants to supply advice for a subscription fee.
Fiduciary co-founder George Haramis said accountantsGPS was the first digital platform of its kind.
“The digital SMSF check-up report provides a comprehensive analysis of a fund’s compliance and financial situation to evaluate how a fund is progressing in many key areas,” he said.
“The report includes SMSF documentation, investment performance, investment policy development, contribution strategies, investment property performance and debt position, insurance and estate planning.”
“Importantly, it helps trustees and members meet their compliance obligations, as well as their longer-term investment and retirement goals – with access to specialist providers for assistance, if required.”
AccountantsGPS will be joined in July by moneyGPS, which combines AI and human expertise to deliver personal financial advice via an online portal for between $50 to $180 per topic.
“We know that accountants are passionate about the welfare of their clients and now they can offer them accessible and affordable financial advice at a price point that is much more affordable than traditional methods,” Mr Haramis said.
“The moneyGPS service also works alongside any in-house advice service, offering additional support to advisers.”
Mr Haramis said both products operate without commission and provide the ability to share platform insights with clients without a need to be licensed to offer any services within them, the firm also said it rebated the majority of referral fees to the accountant or a charity.
The firm said partnerships for the platforms were in progress as accountantsGPS and its SMSF Check-Up Reports had partnered with BGL Corporate Solutions to make it available as part of their SimpleFund 360 service, and also with Melbourne firm Smarter SMSF.