How Digital Advice Transforms Accounting Practices

Digital advice is no longer a fringe innovation; it has become a mainstream solution that empowers accountants and financial advisers to:

• Deliver personalised financial strategies efficiently and at scale.
• Provide clients with affordable, single-topic advice tailored to their needs.
• Strengthen client relationships by offering integrated, holistic solutions that complement in-house services.

For accounting professionals, these tools are a game-changer. By integrating digital advice platforms, accountants can assist clients in improving their financial situations, navigate complex regulations, and confidently plan for the future.

Innovations in SMSF Analysis for Accountants

Self-managed superannuation funds (SMSFs) remain a cornerstone of many accounting practices, and innovations in digital analysis are transforming how SMSF services are delivered. The SMSF Check-Up Report (SCU) is an example of a tool that streamlines SMSF analysis, providing accountants with a factual report in under a minute.

This report delivers insights into critical areas of an SMSF, helping accountants to:

• Identify opportunities for additional tax and financial planning advice.
• Strengthen relationships with SMSF clients by offering valuable insights.
• Increase revenue by packaging the SCU report as a value-added service.

Accountants administering SMSFs can offer this report as part of their service package, enhancing the client experience while bolstering their practice. With the SMSF industry valued at over $1 billion as of September 2024, tools like these are more relevant than ever.

Preparing for Financial Advice Trends in 2025

The accounting profession is uniquely positioned to deliver financial advice to Australians seeking to secure their financial futures. However, many accountants are caught up in the daily demands of compliance work, leaving little time to explore new opportunities. By leveraging digital tools and platforms, accountants can step beyond compliance and offer services that truly make a difference to their clients.

Key steps accountants can take to prepare for 2025 include:

• Exploring digital advice platforms that align with their practice’s needs.
• Integrating tools like the SCU report to offer innovative SMSF services.
• Prioritising client education and communication to build trust and engagement.

Take the Next Step

As the demand for financial guidance continues to grow, accountants have the chance to lead the way in providing affordable, accessible advice. By embracing digital innovation, you can create a more impactful practice and deliver the financial solutions your clients need.

Explore how digital tools can transform your accounting practice in 2025 and beyond. Don’t miss the opportunity to elevate your services and strengthen your client relationships.

Interested to Learn More

• Call 1300 24 24 42 to speak to a GPS Coach about our digital services for SMSFs and individual clients or;
• Schedule a Zoom meeting with a GPS Coach to get your questions answered.

Firms that subscribe to moneyGPS will be provided with a two-month Free Trial and a 20% Fee Reduction worth thousands!

This offer expires on Friday, 17th January 2025.

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Why does this happen, and what can we do about it?

In an era where organic growth can be challenging due to economic or local factors, unlocking additional growth through existing clients seems like low-hanging fruit. Common reasons for missed opportunities include lack of resources or being stuck in the compliance vortex.

However, more often than not, the core issue lies in ineffective client engagement—a failure to have meaningful conversations that uncover clients’ goals and challenges.

For younger firm leaders, the barrier often stems from a lack of confidence to conduct these deeper discussions that build trust and engagement. So, how can firms overcome this challenge? Like most things in life, it’s a bit of a carrot combined with a stick.

Steps to Boost Client Engagement

1: Include Team Members in Client Meetings

This seems so obvious, but for many firms, it is so hard to achieve consistently. There is no better way to learn than to observe the firm leaders engage effectively with clients. Over time, the team members should be encouraged to participate in discussions to develop their questioning skills. When attending the meetings, they should become responsible for taking the meeting notes and action items.

It requires discipline to do this. When organising meetings, the team members’ availability must also be considered. Sometimes, I’m told that clients won’t like team members present or will be concerned about cost. However, I have spoken to many clients about this, and when properly explained, they understand the benefits in terms of team members having a better understanding of their affairs.

2: Practice with Mock Needs Reviews

Conducting mock needs reviews is where one person takes the role of the client, and the others question them. It is an effective way to develop skills. I have seen in firms that have adopted this idea that, in doing so, they have discovered:

1. Things that they don’t know about the client
2. Areas where they have opportunities to help the client

That means they already have some issues to raise when an actual meeting occurs with the client. This boosts confidence in conducting the meeting.

3: Use Question Prompts

Provide tools like a question sheet to guide client conversations. The 10×10 Needs Review (downloadable here) is one such resource. Note, however, that it is not a checklist to be completed, merely a sheet to give you an idea of questions that can be asked to get the client talking. The key, however, is to listen intently. While listening, consider the following question you should be asking to drill deeper into the issue.

4: Choose Comfortable Meeting Locations

The intention is to get the client to talk often about issues that may make them uncomfortable. Think about the location that may make the client feel more comfortable. It could be a coffee shop, their office or home, driving in a car, or going for a walk along the beach.

5: Ask the Tough Questions

To help clients effectively, you need to understand what’s going on in their world. Often, the most sensitive issues are the most important to be discussed. Issues relating to their health and relationships can critically impact a client’s financial affairs. As long as the client knows why you are asking such questions, they will appreciate your concern, further cement trust in the relationship, and show that you care. Of course, some clients may not want to discuss such things – that is their decision, but even those clients will not be critical of your desire to help them.

6: Create a Scorecard with Performance Benchmarks

Here’s the stick! Create a scorecard detailing the number of needs reviews done, proposals for new work submitted, proposals won, and fees generated. Give people targets. Monitor regularly. Mentor and coach. Behaviours need to change. Peer pressure and accountability is an essential tool.

Every client, every year, should have one of these “needs review” meetings. People’s circumstances change, and life events occur. Clearly, firms that have successfully conducted these client discussions have developed deeper relationships with their clients and enjoyed growth from additional service offerings resulting from unlocking the client’s needs.

David Smith conducts firm reviews and facilitates the development of strategic plans and business plans. Contact David at [email protected] to explore how he can help your firm.

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We all know that the great majority of working Australians cannot afford the increasing cost of traditional comprehensive advice.

We call that the ’advice affordability gap’, and it impacts approximately 10.4 million working Australians who have unmet advice needs. As well as these unmet needs, we know:

• The lack of affordability means that 90% of customers seeking advice are willing to pay less than $700 for advice.
• The current adviser numbers do not provide adequate capacity at the right price to service these clients.

The solution utilised by advisers to solve the problem:

To solve this problem, FinTech’s have taken the traditional financial advice model and digitised the process by rethinking the way we use technology and creating digital journeys which deliver affordable, compliant single topic advice – with the option to engage with a human, i.e. the ‘Hybrid Advice’ option.

Whilst the digital advice process used varies between providers, a typical advice journey can be undertaken as follows:

• Client completes digital fact-find that reviews their situation to determine the most appropriate advice topics for their financial position, and which are also in their best interest.
• The Fintech’s algorithm and ‘advice decision making rules’ perform calculations and trade-offs to provide advice recommendations. As digital advice is a rule driven industry, it is the algorithm and not AI that is used to determine the advice recommendations.
• The process should offer both strategy and product recommendations across; super, investment, insurance, retirement, if possible, as clients need a complete solution. This differs from ‘robo-advice’ offerings – which only cover investment advice.
• Integrations with external providers can be used to pre-populate parts of the fact-find and ensure quality data is captured.
• As a result, the client can engage in a fully digital experience from start to finish – including implementation.

The trend to offering ‘Hybrid Advice’: The game-changing combination of human expertise & digital technology.

There is a clear trend for clients to be reassured they are progressing their digital journey as they should – by having contact with humans. This digital-human or ‘Hybrid Advice’ model is now the preferred client experience and can be supported by the financial adviser or their support staff.

The ‘Hybrid Advice’ model adds a sense of security for clients, which is important given that, for most, it is their first foray into financial advice. Given this, digital platforms should identify clients who may need comprehensive advice and triage them to their respective financial adviser as part of this process.

Some compliance items to consider in this process include:

• Clients should be able to complete all compliance requirements digitally, including KYC /AML-CTF obligations and letters of engagement.
• The final item to consider is under whose AFSL is the digital advice being offered – the digital providers or the advisers.

Chart 1: What We Mean By Digital Advice

Which client cohort is best suited to use Digital Advice services?

The client cohorts ideal to use digital advice are categorised into two key groups:

Group 1

Representing clients such as: Millennials, Digitally Savvy, Non-advised, Insurance only, Children of HNW, Employees via corporate super, can access topics to help them establish their financial foundations as early as possible. Financial education services also play a key role in helping clients improve their financial literacy.

Group 2

Representing clients who are considering retirement. Advice technology now caters for this group by offering topics covering: Retirement income, TTR and a growing suite of Superannuation topics at affordable prices.

Chart 2: Key research findings moneyGPS focus group

How best to integrate a digital advice proposition into a financial planning practice.

Key considerations on how to successfully integrate a digital advice solution into a financial planning practice include:

• Client segmentation: This service is for the client cohorts already identified in Groups 1 & 2. However, some advisers are adopting the use of the digital fact-finds to establish a picture of a client in a very time efficient and cost-effective way as a starting point for their advice relationship.
• Services integrations: These will depend on the digital provider and may include – Open banking and integrations with industry CRM’s.
• Operational capability: Integrating a digital solution – including staff training, should have little if any, impact on the business’s operational activities.
• Marketing: The digital provider may also provide a full service or ‘turn-key’ offering, including a standard marketing program, to service a specific client group.
• Referral Partner integrations: One of the key attributes of good tech, is that it allows you to scale your business – quickly, cost effectively and with improved productivity. Digital advice platforms can be integrated into referral partner businesses – such as accounting firms or mortgage brokers, providing access to a significant number of client opportunities – including identifying complex advice needs.

The Digital Advice Solutions ROI

Access to digital advice platforms is usually undertaken via a subscription fee (i.e., monthly, or annual) which range from less than $1.0k pm, i.e., in simple terms the cost of approx. 2-3 full SoAs pa.

The service can be white-labelled, integrate the advisers’ in-house services (i.e. insurance, lending, and full advice), and in some cases, documents can be branded.

Digital providers can also offer single topic advice SoAs for less than $300 per topic, making it a very affordable exercise for the end client and an incredibly positive value proposition for any advice practice.

The Benefits To An Adviser of Digital Advice Technology

Incorporating a digital advice offering into a practice can greatly benefit the advice business in many ways, such as:

• Digital advice allows an adviser to more sustainably service clients with; lower balances and simple needs.
• Advisors can scale their business with little effort or cost to service a market they cannot afford to reach now, giving them more time with existing clients & makes them more money — by ‘Stealth’.
• Establish a ‘white-label’ branded digital advice platform using the digital provider’s AFSL.
• Maintain Relationships with Non-advised, orphaned, millennials, employees, individual tax & SME’s — the adviser’s future HNW clients.
• Attract new clients: Digitally savvy and children of existing HNW — the adviser’s future HNW clients.
• Identify more full-advice clients.
• Engage referral partners more effectively and with scale.
• Improve the adviser’s bottom line and overall business value.

Process of advice & why: mirror the experience an individual has with their adviser.

The following demonstrates a typical digital experience for a user who needs both personal advice but also to access a range of non-advised financial services such as; lending & finance, estate planning, etc.

The trend to offering ‘Hybrid Advice’: The Game Changing combination of Human Expertise & Digital Technology.

The critical point is that the financial adviser/client service member can engage with the user at any step of the digital advice journey – where access to complex advice matters is warranted or simply to reassure them they are progressing correctly along their digital journey. The user can, if they wish, step back into their digital advice journey at any time. The ‘Hybrid Advice’ proposition is, therefore, a critical component of any digital offering.

Chart 3: Example: Hybrid-advice user journey – Stage

Chart 4: Example: Hybrid-advice user journey – Stage 2

Want to find out more?

Visit moneygps.com.au for more information or call the moneyGPS Concierge service direct on 1300 24 24 42, to find how the use of digital advice can assist your clients and help grow your business.

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Why does it refuse to answer my questions, lie, or respond with nonsensical, unrelated stuff? I used to get similar responses from my kids when they were three years old—at least I was compensated with some nice cuddles. No such compensation from the latest AI algorithm.

Recording of meetings, a classic AI app, was all working fine until the AI-generated minutes identified someone in the meeting who was never there. Was I asleep when this person arrived? Was the AI conducting a seance? Why did the action list give me an activity only a Mensa member can complete? Is it trying to humiliate me?

I was getting stressed out so I thought that listening to some music would help. I asked my AI friend to list the top 50 hits from 1985 and then wasted considerable time searching for tracks the AI listed that don’t actually exist. My AI friend told me that she relies on her internal knowledge and it’s not her fault. It’s my fault for asking the question in the first place – sounds like a toddler to me. Are they using toddlers to train these models?

I tried getting serious and asked my AI to summarise an article. I mean, that’s not too much to ask, right? Apparently, it is. What I received was something between a cryptic fortune cookie message and a random assortment of buzzwords. I half-expected it to end with, “Have a nice day!” I couldn’t help but think—this thing is supposed to be my assistant, not some corporate motivational poster generator. Are we training AI on fortune cookie texts now?

Then there’s the multitasking. My toddler used to “help” me fold laundry by scattering socks around the house, and now, my AI insists on “helping” with emails. I asked it to draft a quick note for a colleague, and somehow, it managed to turn “Let’s meet next week” into a Shakespearean monologue that referenced “forthcoming opportunities” and “synergies.” Who talks like this? Not me, and definitely not the colleague who’s probably wondering if I’ve hired a Victorian-era butler as my assistant.

At least toddlers have the excuse of learning language. AI is supposedly trained on millions of conversations, yet somehow, when I asked it to write a straightforward grocery list, it decided that quinoa, kale, and elderberry syrup were the essentials I clearly needed. I don’t even know what elderberry syrup is, and now I have to google it because my AI has apparently decided I need a health-conscious rebranding.

And just like a toddler who randomly shouts “elephant!” during a serious conversation, my AI sometimes drops completely unrelated facts in the middle of important tasks. “Please summarise this report,” I said. And instead of focusing on the key points, it decided to inform me that the weather in Helsinki was going to be sunny that week. Great, but how does that help me meet my deadline?

I’ve come to realise that using AI is like dealing with a very talented, highly imaginative toddler who occasionally nails it but mostly leaves you cleaning up after its creative mess. It’ll make your life better, sure, but only once it learns to stop telling you that the moon is made of cheese halfway through your project brief.

I now live in fear of when my AI grows up and becomes a teenager.

David Smith conducts firm reviews and facilitates the development of strategic plans and business plans. Contact David at [email protected] to explore how he may be able to help your firm.

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This is the kind of question accountants are frequently asked. And naturally so. Accountants are among the most trusted professionals globally. Numerous surveys, research, and studies consistently confirm this. Therefore, it makes sense that accounting clients look to their accountants for solutions that can help them improve their overall financial position.

However, unless an accountant holds an AFSL, they cannot provide this kind of personal financial advice. At best, they can provide a referral to a financial adviser who may or may not be able to assist, depending on their capacity. At worst, their client hits a dead end.

Accountants should be a key provider of financial advice

Firstly, they provide tax services to the majority of working and retired Australians. According to the latest ATO statistics, 63 per cent of Australia’s 15 million-plus individual taxpayers used a tax agent to prepare and lodge their return.

Secondly, accountants are custodians of 27% of superannuation assets. They have access to or are providing advice on SMSFs and an estimated 25-40% of individuals’ super assets, insurance, debt, and other investments.

Finally, 96% of SMEs use accounting services to help operate their business.¹

When an industry is serving this many individuals, there will always be an overlap between what falls squarely under accounting and what veers into advice. But over the decades, accountants, regulation, technology, and professional associations have dropped the ball when it comes to capitalising on this privileged position.

Digital advice technology and regulation finally align

This convergence enables accountants to enhance their relationship with clients by providing even greater value through offering affordable financial services that are wanted and needed. Our own research showed that people are more likely to engage with a financial service from their accountant.

By having safe and compliant technology, accountants can effectively leverage their book, improving revenue and increasing the value of their business. And, because digital advice is client-led with the option of human interaction, it has zero to minimal impact on day-to-day business operations.

The moneyGPS digital advice platform is a plug-and-play solution that is quickly and easily integrated into any accountant’s practice. It requires less than 2 hours of onboarding, and the done-for-you marketing means you don’t need to lift a finger.

So there’s no need to wait before having a financial advice solution that your clients are asking for.

Benefits of moneyGPS

Fully compliant and no risk to you because single-topic automated Statements of Advice (SOAs) are delivered via the moneyGPS AFSL.

Accountants retain 80% of all commissions, with the remaining 20% donated to GPS-supported charities.

A suite of financial services to help your clients with the option to integrate your own services onto the platform.

Financial wellness and education so you can be the go-to for trusted information.

An enhanced value proposition that helps retain and attract clients, including the children of HNW.

Access to affordable financial advice for your clients that can help them improve their overall financial position.

Future-proof your business and stay competitive in the market.

Try with confidence: free one-month trial and no lock-ins..

So the next time your client asks you what they should do with their super or whether a property or fund is the best investment, be ready to answer them with moneyGPS.

Empower them with affordable advice that improves their financial situation and cements your status as a trusted adviser they can rely on.

Visit moneyGPS today or call our Concierge service on 1300 24 24 42. They can answer any questions, book you into a 30-minute online discovery call, or help you start your free trial.

1. Benchmarking

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In this blog post, we’ll explore how to develop a business advisory division that drives sustainable and accelerated growth for your accounting firm. By focusing on the right structure, infrastructure, engagement, and delivery models, your firm can create a robust, diversified income model that meets your client’s evolving needs.

1: Assess Your Current Business Model

Before diving into diversification, it is crucial to assess your current business model. Identify the strengths and weaknesses of your existing services and understand where the gaps and opportunities lie. This assessment will provide a solid foundation for developing a diversified income strategy that complements and enhances your existing services.

2: Define Your Advisory Services Offering

The first step in creating a diversified income model is clearly defining what business advisory services your firm will offer. Consider the following areas:

Financial Planning and Analysis: Offering clients insights into their financial performance and helping them make informed decisions.

Strategic Business Planning: Guiding clients through the process of setting and achieving long-term business goals.

Tax Advisory: Providing specialised advice on tax planning and compliance.

Risk Management: Helping clients identify, assess, and mitigate risks that could impact their business.

By focusing on these areas, your firm can provide value-added services that go beyond traditional compliance work.

3: Build the Right Infrastructure

Successful diversification requires the right infrastructure. This includes investing in technology that supports your advisory services, such as:

Data Analytics Tools: To provide in-depth insights and reports.

Customer Relationship Management (CRM) Systems: To manage client interactions and streamline communication.

Cloud-Based Accounting Software: To enhance collaboration and efficiency.

By implementing the right tools, your firm can deliver high-quality advisory services and improve client satisfaction.

4: Develop a Skilled Team

Your firm needs a team with the right skills and expertise to offer exceptional business advisory services. Invest in training and professional development to equip your team with the knowledge they need to excel in advisory roles. Consider hiring specialists in areas such as financial analysis, strategic planning, and risk management to strengthen your advisory offering.

5: Engage and Educate Your Clients

Client engagement is key to the success of your diversified income model. Educate your clients about the value of business advisory services and how they can benefit from them. Use case studies, testimonials, and real-life examples to demonstrate the impact of your advisory services on other businesses.

Communicate regularly with your clients to understand their needs and challenges and tailor your services to meet those needs. Building solid relationships with your clients can position your firm as a trusted advisor and partner in their success.

6: Implement a Scalable Delivery Model

Your business advisory services need to be scalable to achieve sustainable growth. Develop a delivery model that efficiently serves a growing number of clients without compromising on quality. This may involve standardising processes, using technology to automate repetitive tasks, and creating templates for reports and presentations.

By implementing a scalable delivery model, your firm can handle the increased demand for advisory services while maintaining high service delivery standards.

7: Measure and Monitor Performance

Finally, it’s important to measure and monitor the performance of your diversified income model. Set clear goals and KPIs for your business advisory services, and regularly review your progress. Use client feedback, financial metrics, and other data to evaluate the effectiveness of your services and make adjustments as needed.

By continuously monitoring and improving your diversified income model, your firm can achieve long-term success and accelerated growth in the business advisory space.

Developing a diversified income model is essential for the growth and sustainability of your accounting firm. By focusing on the right structure, infrastructure, engagement, and delivery models, you can create a successful business advisory division that drives revenue growth and meets the evolving needs of your clients. Now is the time to act and position your firm for a prosperous future.

Mark is presenting a session at our October Young Guns Workshop on developing a business advisory divisional approach with the right structure, infrastructure, engagement, and delivery models to achieve sustainable, accelerated growth. Find out more and register here.

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Being a memorable leader can be easy because people tell their “horror stories” fairly regularly. If you think back on the leaders who stand out in your mind, it’s probably the ones who made mistakes who are remembered.

You want to be a memorable leader for the right reasons, and here are some tips on how to do that.

Think about what the not-so-good leaders did and be different. If you remember a leader who never made eye contact before their second coffee, then aim to be a leader who greets their team every day.

When we caught up recently, someone I worked with over twenty years ago commented that they remembered how I would say good morning to them and their team every day—they weren’t my team, but they were colleagues.

There are invaluable lessons to be gleaned from the mistakes of others. By learning from these experiences, you can navigate your leadership journey with greater insight and understanding.

Franklin Roosevelt said it best: “People don’t care how much you know, until they know how much you care.”

Memorable leaders show that they care for their teams. No, we’re not talking about group hugs or anything like that! And not going to the extent of being best friends with your team. Some of the things that good leaders do to show that they care are:

• Have meaningful career and skill development conversations
• Hold regular feedback and check-in sessions with team members
• Give praise in ways that have meaning to the recipient
• Follow up and follow through with commitments made
• Maintain accountability and professional standards
• Be an appropriate role model

As you embark on your leadership journey, remember that your ultimate goal is to be a leader who is remembered for the right reasons. Let this aspiration inspire and guide your actions.

Pam Macdonald, Broadspring Consulting

Having made multiple successful career transitions, Pam Macdonald has turned her passion for people (along with her energy) into powerful and practical coaching and leadership development. Known and respected for her ability to cut to the chase, Pam is also highly effective at guiding people into new and effective levels of leadership performance. Pam is a speaker at our October Young Guns Workshop event. Earlybird pricing ends on 20 September.

The post Becoming a Memorable Leader appeared first on Smithink.

Challenges in Accountability

A major hurdle is maintaining accountability in director or partner meetings. It’s difficult to hold others accountable when you haven’t fulfilled your own commitments. These meetings should only address serious issues requiring escalation.

Committees also struggle with accountability as members may shift responsibility. It’s more effective for a single individual to be accountable, even if they delegate tasks. This person must ensure that tasks are completed.

Steps to Create Accountability

1: Define Clear Outcomes:

Set specific outcomes with associated actions and deadlines. This applies to individual performance, team management, or firm responsibilities. Establish monthly or even weekly goals as needed.

2: Regular Reporting:

Require periodic reports covering:

• Achievements during the period
• Unmet goals and reasons, along with corrective actions
• Plans for the next period
• Issues or concerns about meeting outcomes

3: Review Meetings:

When performance is off track, schedule a meeting with the managing director or partner to review and agree on further actions. Regular follow-up meetings may be needed to track improvements.

4: Escalation Process:

If an individual consistently fails to meet deadlines or outcomes, involve the firm’s executive to discuss performance and required actions. This often creates sufficient peer pressure to improve performance. Persistent issues may require additional meetings with the managing director or executive.

Maintaining Accountability

The goal is to ensure no one can evade accountability. Clear expectations and consistent monitoring foster a strong accountability culture. If someone repeatedly ignores the process, the executive must address the behaviour firmly, regardless of the person’s seniority. Continued failure to comply may warrant serious reconsideration of their role in the firm.

No Threats Required

The process should never be threatening. The escalation should be transparent, with everyone understanding why it’s happening and what is expected.

Consistency is Key

Many firms falter in maintaining accountability due to time constraints or reluctance to confront issues. To build a lasting accountability culture, consistency in implementing and following the framework is crucial.

Start by setting clear outcomes, defining actions, and establishing deadlines. Implement a robust reporting process and engage in regular follow-up conversations. The results may exceed your expectations.

David Smith conducts firm reviews and facilitates the development of strategic plans and business plans. Contact David at [email protected] to explore how he can help your firm.

The post Building an Accountability Culture Without the “Baseball Bat” appeared first on Smithink.

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.

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An advisory board meeting is a collaborative and structured gathering where an organisation engages with a group of advisors and stakeholders to seek expert guidance and insights.

Running advisory board meetings for clients can be crucial for providing valuable guidance and support to your clients and enhancing the value of your business advisory services. Here are some tips for running effective board of advice meetings:

Prepare an Agenda

Create a clear agenda outlining the topics to be discussed during the meeting. Share the agenda with clients in advance so they can come prepared. In my experience, every board meeting I have attended is always preceded by an agenda and followed by an order of proceedings.

Foster Open Communication

Encourage open dialogue and active participation from all clients and your team. Create a supportive environment where everyone feels comfortable sharing their thoughts and concerns.

Focus on Client Needs

Keep the discussions client-centric and ensure that the advice provided addresses their specific needs and challenges. Conducting a needs analysis before these meetings is the best way to identify what is important to the client and help link solutions to these needs.

Provide Actionable Insights

Offer practical advice and actionable insights that clients can implement to improve their businesses or address their concerns. Concentrate on SMART Goals (Specific, Measurable, Achievable, Relevant, and Time-Bound).

Follow Up

After the meeting, follow up with clients to ensure they have the support and resources needed to act on the advice provided. Short, sharp telephone calls or online meetings keep the client focused on their goals and commit them to an accountability model driven by you.

Maintain Confidentiality

Respect the confidentiality of client information and discussions during the meeting to build trust and foster a sense of security.

Stay Informed

Keep yourself updated on industry trends, market changes, and regulatory updates to provide relevant and timely advice to your clients. Every meeting needs to look and feel slightly different to the client. Introduce new concepts gradually to build confidence with the client and make each meeting feel fresh and engaging.

Following these guidelines ensures that your advisory board meetings are productive and beneficial for your clients.

Benefits of Effective Advisory Board Meetings

Effective advisory board meetings can provide numerous benefits, including:

• Enhanced Decision-Making: Access to diverse expertise helps clients make informed decisions.
• Strategic Guidance: Clients receive strategic insights that align with their business goals.
• Networking Opportunities: Clients can connect with industry experts and peers.
• Accountability: Regular follow-ups and actionable insights ensure clients stay on track with their goals.

By optimising your advisory board meetings, you can offer significant value to your clients and strengthen your advisory services.

Mark is an expert in helping accounting firms optimise their strategic planning. If you would like to set up a complimentary 45-minute strategy assessment, please contact us.

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