Most Australians either don’t need or can’t afford a comprehensive financial plan which may cost many thousands of dollars, claims a scaled advice specialist that has seen rapid growth in over-the-phone consultations.
Money Solutions recently delivered its 100,000th piece of personal financial advice, it has claimed, and the company’s CEO, Ross Bowden, believes that over-the-phone advice must be embraced.
“Our key focus has always been to deliver affordable high quality financial advice which is easy to understand and enables people to achieve greater financial security in retirement,” he said. “Our 100,000th piece of advice clearly demonstrates the success of this focus.”
While the firm also provides what it describes as comprehensive face-to-face financial planning, Bowden believes that there is a clear demand for ad hoc over-the-phone advice.
“During their working lives most Australians either don’t need or can’t afford a comprehensive financial plan which may cost many thousands of dollars,” he said. “Many people simply don’t think they have enough money to see a financial adviser. In most cases, they only need advice to cover an issue at a time.
“However, at retirement, many Australians are likely to need more comprehensive advice and it’s important that this advice is also cost effectively delivered.”
He added that the company’s scaled advice model, which he claimed provides relevant and affordable financial advice on a fee-for-service basis, is delivered directly to members by its advisers. These advisers come under the title of ‘money coach’, ‘senior money coach’ or ‘retirement specialist’.
“Our role is to engage people, give them the right advice and motivate them to take action,” said Bowden, who believes that most Australians need financial advice on a single issue, one step at a time.
“Money Solutions will require very little change for FoFA compliance as we do not accept commissions and have always operated on a fee for service basis,” he added.
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