FSC launches digital advice group

The Financial Services Council (FSC) continues to expand into financial advice by taking on a digital advice association that flagged its formation one year ago.

The Digital Advice Expert Group is now part of the FSC, founded by moneyGPS chief executive George Haramis, Intelligence Ink chief strategy officer for digital advice Jacqui Henderson, and Ignition Advice global head of strategy and corporate services Andrew Baker.

The Digital Advice Expert Group is the culmination of the fledgling association Haramis, Henderson and former abrdn head of retirement, and digital innovation Jason Nyilas formed last year but never officially launched until today.

The group aims to help Australians access affordable and accessible advice. It will also contribute to the FSC's policy development to support the passage of financial advice reforms through Parliament.

FSC chief executive Blake Briggs said: "Digital advice offers new and exciting ways for consumers to access high quality, affordable financial advice. The massive opportunity to deliver financial advice digitally is confronted by common challenges posed by a costly and burdensome regulatory framework."

The robo-advice group builds on the FSC's expansion into the advice sector by adding six licensees to its network of members.

"Independent research has shown that almost four million Australians say they would be open to low-cost digital advice solutions, and the digital advice sector can provide services at scale to consumers who cannot typically afford advice," Briggs said.

Baker believes that digital advice technology is the only way to match the huge gap between the demand and supply of advice, and will improve the quality, accessibility, and affordability of financial advice for the millions of Australians who want and need it.

Henderson said: "Our role is to support the industry in the delivery of advice in a more digitised, efficient and scalable way - solving the age-old problems around complexity and cost."

Haramis said: "As a founding member of the Digital Advice Expert Group, moneyGPS welcomes the opportunity to be working with the FSC, given our common objective is to progress the use of digital advice services across the financial services and superannuation industry, and lead the policy discussion as the technology-lead proposition evolves over time."