How do accountants compete in a changing landscape? A digital adviser could be the answer. By George Haramis on Jul 3, 2024
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Accountants are bracing themselves for another busy season.
It’s all the harder, as most practices face the same staff issues. Labour markets are still tight, and good staff are hard to find and expensive to recruit and retain.
It leaves little time to devote to the idea of growing or future-proofing your practice.
The financial services landscape is also changing. At the end of last year, the government committed to supporting most of the QAR recommendations and digital advice. It reinforced the importance of using digital advice to achieve scale, affordability, and accessibility.
This has seen banks, Super Funds and Insurers jumping aboard the digital advice train.
It leaves accountants wondering how a small business can compete.
Is new tech a trusted friend or a threat?
We’re regularly told AI, robots, and technology are replacing roles across all industries. But we don’t often see how these things are being used to benefit the average working Aussie through new and affordable services that have previously been financially out of reach.
With out-of-the-box solutions that can be rapidly moulded to fit a variety of niches, professional services businesses are using it to open up opportunities and income streams simply and cost-effectively. One such example is financial advice.
For decades, offering financial advice to clients has been too costly and time-consuming for accountants. Not only did it require a license, but it was only suitable for a small section of their book, given the price tag of $2.5-$4.5k. But this is changing as regulation and compliant tech converge.
How digital advisers can service underserved clients
Now, accountants can implement a digital adviser, such as moneyGPS. Designed specifically for the 90% of Australians who cannot afford comprehensive financial advice, it enables accountants to provide value to clients they can never personally serve, opening up a new income stream for the price of a monthly subscription.
What is digital advice?
It’s accessible: single-topic personal advice ranges from $90-$270 per SOA.
It’s scalable: an unlimited ability to service clients every hour or day.
It’s cost-effective: subscription-based – and not a six-figure sum.
It’s compliant: delivered via the moneyGPS AFSL, meaning you don’t need your own license.
It’s totally dedicated: your digital adviser works 24/7 with no need for holidays.
It’s ahead of the curve: always up-to-date with regulatory changes.
It’s cohort neutral: happy to engage millennials, children of HNW, newbies entering the workforce or anyone with simple needs.
It’s referral-friendly: Keeps potential complex advice clients warm until they need face-to-face advice when they can be referred to your chosen partner.
Digital advice as a driver of growth
Now that digital advice is mainstream, and myths around it are being busted, enterprises, institutions and banks are jumping on board. Accountants have a once-in-a-decade opportunity to embrace this new technology to take their business to the next level of growth and profitability.
moneyGPS was a Finalist for Financial Planning Software of the Year in the Australian Wealth Management Awards for 2024.