FPT Wealth’s Tony Bates talks digital financial advice

Tony Bates is both a financial planner and the director of FPT Wealth, a company which has been providing wealth advice solutions to accountants and lawyers for over 15 years. FPT Wealth specialises in wealth advice, full AFSL authority, PI insurance and platform administration.

Tony is a popular speaker and media commentator, providing an expert financial services industry view. Together with accountancy services experts Smithlink, Tony recently created a fascinating webinar: Now What? AFSL Limited Licence Solved; Towards A Broader Financial Strategy.

Tony states that accountants do not have to simply form a relationship with the traditional ‘big’ institutional financial planning groups – as would have been the norm a few years ago. Instead, opportunities are presenting themselves as a ‘blank sheet of paper’ with new players in the market space (including those providing ‘robo-advice’, fintech lending, unsecured lending online, and services disrupting the insurance industry) providing new and unprecedented partnership opportunities. 

Tony also acknowledges that technology is enabling financial planning to be delivered more cost-effectively; services such as ‘robo-advice’ are enabling financial advice to be provided at a very low cost. Tony suggests that the changes in the accounting regime provide an opportunity for both consumers and accountants. He contends that as digital financial advice grows in popularity more Australians will be able to receive better advice as accountants will be able to provide inexpensive advice on smaller funds. Tony explains that with digital financial advice consumers with as little as $5000 are able to receive a written investment plan, Statement of Advice (SOA) and an investment savings plan – for ‘next to nothing’. As Tony rightly says, this is a ‘very good thing’. 

Tony will be sharing his experiences with digital financial advice at the Ignition Wealth Free Financial Technology Innovation Event in Sydney on August 16.

Watch Tony’s fascinating Smithlink webinar in full here: