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The digital opportunityHow accountants can serve more client needs in a changing world
“Innovation distinguishes between a leader and a follower.”
Steve Jobs
How accountants can serve more client needs in a changing world 3
CEO Message
Dramatic changes are sweeping through the wealth management sector today, from the rise of the millennial investor to the role of technology and the intergenerational transfer of wealth between Baby Boomers and their children. This is happening at a time when regulatory change is compelling accountants and advisers to review and revise their business models.
A constant throughout this change is the role of the accountant as a trusted source of knowledge. Clients see accountants as a first port of call to receive guidance on how they should manage their financial lives and wellbeing - and this is set to continue.
Yet in some cases, the changes in regulation have limited the ways in which accountants can meet client needs. So, how can accountants help in wealth management - particularly as more people are seeking guidance in a market where access to financial advice is becoming less affordable and available?
Digital advice can play an effective role in expanding the scope of accounting practices to meet the needs of more clients. This is true whether the practice is unlicensed, has a limited licence or is fully licensed. Today, Six Park works with successful accounting practices across Australia to help them provide clients access to affordable professional investment management, and in a manner that is low risk and low touch for the practice.
As the transformation of the wealth management sector continues, there is an opportunity for accountants to play an ever more important role in their clients’ lives. We are pleased to share this white paper with you. Thank you for taking the time to read it.
Patrick Garrett co-CEO & co-Founder
Nuvan Aranwela co-CEO
The digital opportunity4
Important Disclaimers
Basis of preparationThe material in this presentation (hereafter “Document”) has been prepared by Six Park Asset Management Pty Ltd (“Six Park” or “the Company”) and is general background information about Six Park’s activities. Information in this Document, including forecast financial information, should not be considered as advice or a recommendation to investors or potential investors in the Company and does not take into account your particular investment objectives, financial situation or needs. This is not a product disclosure statement and the level of disclosure is less than that of a product disclosure statement, prospectus or similar disclosure document. A copy of this Document does not need to be, and has not been, lodged with the Australian Securities and Investments Commission (ASIC). This Document does not constitute and should not be construed as an offer, invitation or recommendation by Six Park to investors to apply for an investment in Six Park. This Document does not purport to be all inclusive or contain all information which its recipients may require for their review and has been prepared without any actual or implied knowledge or consideration of the investment objectives, financial situation, taxation position or other particular needs or requirements of any person. All recipients should make their own independent assessment and investigations as they deem necessary including, without limitation, seeking professional advice. Recipients should not act, or refrain from acting, in reliance on this Document.
ConfidentialityThis Document has been prepared for informational purposes and is being provided solely for review by parties specifically authorised by Six Park. This Document and all content within it is strictly confidential. It contains proprietary information, disclosure of which would be harmful to Six Park. Any reproduction or sharing of this Document or any part of its content is strictly prohibited.
DisclaimerThe information, statements, financials, projections and forecasts (together ‘Information’) contained in this Document comprise statements of intent, opinions and proposals, many of which are uncertain as to their outcome. Whilst Six Park believes the underlying assumptions to be reasonable, neither Six Park nor its agents, directors, officers and employees (together “Agents”) make any representations or warranty as to the likelihood of any forecasts being achieved. These forecasts are subject to uncertainties and contingencies, many of which are outside the control of Six Park and no verification of the Information has been carried out by Six Park or any of its Agents. Six Park and its Agents:
• do not warrant or represent the accuracy, validity, completeness, currency or reliability of, or accept any responsibility for, errors or omissions in the Information or any accompanying or other information (whether oral or written);
• make no representation or warranty that any projection or forecast contained herein will be achieved;
• disclaim and exclude all liability (to the extent permitted by law) for all losses, claims, damages, demands, costs and expenses of whatever nature arising in any way out of or in connection with the Information (or any accompanying or other information), its accuracy, completeness, or by reason of reliance by any person on any of it; and
• do not have any obligation to advise any person if any of them becomes aware of any inaccuracy in/omission from the Information (or any accompanying or other information).
All information contained in this Document is subject to change. The delivery of this Document does not imply that the information contained in this Document is correct at any time after the date that this Document has been provided to the recipient or that there has been no change in the business, financial conditions, prospects, creditworthiness, status or affairs of Six Park since that date.
How accountants can serve more client needs in a changing world 5
Contents
CEO Message 3
Important Disclaimers 4
Introduction 6
A changing landscape 9
The shift to digital and the role of robo-advice 10
The role of the accountant in a changing regulatory landscape 14
Implementing a digital advice offering 19
Meet Sharryn Knight 21
New to investing: Katrina Streatfeild 27
Conclusion 28
About Six Park 30
Contact the Six Park team today 32
The digital opportunity6
Introduction
The wealth management landscape is continuing to evolve rapidly, creating opportunities for accountants with the right capability to meet more client needs.
Changes in the regulatory and compliance landscape have increased the cost to serve clients and reduced revenue in traditional advice models. As a result, supply and demand dynamics are changing: advisers are more narrowly focusing their practices or leaving the industry altogether, but the client need is growing, with many Australians intending to seek financial advice or begin investing for the first time over the next 12 months.
So what is the role of a modern accountant in this changing landscape, and how can accountants seize this opportunity and build capability into their practices?
The answer to this question may be more straightforward than you think.
How accountants can serve more client needs in a changing world 7
How has the financial landscape changed for accountants?In 2016, the ‘accountants’ exemption’ was repealed as part of FOFA reforms. The exemption had allowed recognised accountants to provide financial product advice about acquiring or disposing of a self-managed super fund (SMSF) without an Australian Financial Services Licence.
In the years since, the wider wealth management industry has experienced a raft of further changes in regulation and compliance. The result? The banks are exiting wealth management, along with an exodus of financial advisers. In 2019 alone, there was a 15% decline in the number of financial advisers; a further 36% decline is expected over the next five years.
Yet over the same period of time, the need and indeed demand among clients to get some form of guidance has only grown. This is in part because fewer accountants and advisers could help, but broader changes have also caused a shift in demand:
• Historic lows in interest rates have caused clients to seek better returns than cash investments can deliver;
• Concurrently, an increasingly digitally savvy customer has sought online solutions to their investment needs. The ASX’s Investor Study, released in August 2020, indicated that one in five current investors are now using digital platforms, while 22% of people intending to invest in the next 12 months plan to use a digital solution compared with 11% who would prefer to speak to someone in person.
• An estimated $3.5 trillion intergenerational transfer of wealth is expected over the next 20 years, growing at 7 per cent a year. This will see the beneficiaries inherit an average of $320,000 and bring an ever younger client to market in search of support.
• At the other end of the spectrum, the ATO mandate that SMSFs must have regard to diversification has caused trustees to consider how they can address this efficiently, effectively and through a value for money solution.
All this, against the backdrop of an advice gap that has been estimated to affect 1.1 to 2.9 million Australians , according to Six Park’s own analysis and the 2018 Fidelity Investor Insights Study.
In fact, the sharp decline in adviser numbers, set against an accelerating demand for advice - explains why ASIC nominated Australians’ “unmet advice needs” as one of five new financial advice focal points in its 2019-2023 corporate plan.
The digital opportunity8
The (multi-)billion-dollar question: what is the solution?So with reduced supply and ever increasing demand - what can you do? Particularly since you, as an accountant, have trusted relationships with clients who actively seek your help?
The answer has to solve a few problems:
• be compliant, low-risk and low-touch for you;
• be affordable, effective and accessible for clients;
• be a logical fit that’s complementary to your business, whether or not you have any form of AFSL licensing; and
• provide you a measure of visibility of how your clients are being serviced and progressing - if you so choose.
What is the opportunity for accountants?Accountants are increasingly in a position of trust to help a growing number of clients in the “advice gap”. Accountants who currently work with Six Park do so because they:
• see an unmet need for affordable investment management among their clients;
• recognise their clients may not want or need holistic financial advice;
• are unlicensed or hold a limited licence so are unable or do not wish to provide advice directly themselves; or
• hold a full AFSL, but need a “bridge” between accounting services and holistic advice.
Six Park helps accountants meet these needs through digital investment advice solutions that can be readily tailored no matter what kind of licence you hold.
How accountants can serve more client needs in a changing world 9
2012/2013
2016
2018/2019 and onwards
Future of Financial Advice Reforms (FOFA) legislation is introduced, leading to:
• a duty for financial advisers to act in the best interests of their clients; and
• changes to address conflicted remuneration in how advisers are compensated as well as annual fee disclosure and biannual “opt in” for advice.
Regulatory guidelines introduced for the provision of limited scope/single topic advice (e.g. investment management) versus being holistic (RG244).
Accountants’ exemption is repealed.
AFSL licensing regime is applied to SMSF services provided by accountants to provide or deal in financial products.
Regulatory guidelines introduced for the provision of digital advice to retail clients (RG255).
Introduction of professional and education standards for advisers including the FASEA Code of Ethics.
Introduction of the life insurance framework.
Banking Royal Commission report is released, leading to:
• banning of grandfathered remuneration from 1 January 2021;
• restrictions on advice fee collection methods and new disclosure requirements; and
• introduction of consumer protection frameworks.
A changing landscape
Australia’s financial services landscape is continuing to adapt to new regulations and new technology. We look at some of the major events that have influenced the provision of financial advice.
The digital opportunity10
The shift to digital and the role of robo-advice
The inevitable transformation of wealth management models is being driven by both the rising cost of providing advice and changing consumer behaviour.
Investment Trends research director Recep III Peker says there are currently more than 2.6 million Australians actively looking for financial advice in some form. The issue, he says, is one of supply.
“There are simply not enough financial planners in Australia to meet the demand for advice. Part of the reason for this is because financial planners can only service so many clients each year profitably,” he says.
Robo-advice, particularly the automation or outsourcing of investment management to a third-party provider, effectively fills the ‘advice gap’. It is being used by practices to service clients with simpler needs.
This aligns well with the emerging demand among clients for digital solutions. A 2019 report by ASIC found that while just 1% of Australians use digital advice, there is significant demand for it. Once it was explained to them, 19% of Australians said they were open to it and 37%, who had recently thought about getting financial advice but had not gone ahead, were open to using digital advice.
23%United States
13%United Kingdom
9%Singapore
7%Australia
Figure 1 - Percentage of population using robo-advice services (Source: Investment Trends).
The latest Robo-advice Report from Investment Trends surveyed almost 20,000 online investors across Australia, the US, the United Kingdom, Spain, Germany, France, Singapore and Hong Kong.
It found 29% of US female online investors were using robo-advice compared with 22% of their male counterparts, and 40% of Australian female online investors said they would consider adopting robo-advice services in the future compared with 36% of Australian male online investors.
How accountants can serve more client needs in a changing world 11
“There are simply not enough financial planners in Australia to meet the demand for advice.”
Recep III Peker
The digital opportunity12
63%
of Australians are open to receiving
financial advice
27%
of investors used an adviser, stockbroker or wealth manager
in the last 12 months
22%
of intending investors planto use digital platforms
in the next 12 months
Figure 2 - Views of financial advice (Source: ASX Australian Investor Study 2020).
In the US, robo-advice has proven particularly popular with two segments of the population, Mr Peker says. One is the younger generation: millennials who see it as a form of micro-saving or an automated investment solution.
“The other are those approaching retirement or have recently retired but are less wealthy. They may not be able to afford a financial planner themselves and so they turn to a robo-advice offering,” he says.
Ron Lesh, managing director of BGL Corporate Solutions, says robo-advice has been a starting point for investors in the US for years.
“The amount of actual advice an investor receives depends on the amount that they’re investing,” Mr Lesh says.
“So if you’re investing half a million dollars, you basically use the tool. If you’re investing one to five million dollars, you get a couple of hours of advice and you get to use the tool. If you’ve got more than five million, you’re then getting more time and you’re still using the tool as a starting point.
“And that way the advice is consistent across all the advisers, because the tool is doing the hard work, determining what to invest in.”
Awareness remains the primary barrier to widespread consumer adoption in Australia. But the events of 2020 have already set the wheels in motion. Australian consumers have grown hyper-aware of the power of online investing in recent months, driven by wild volatility in share markets and fuelled by sensational media coverage.
How accountants can serve more client needs in a changing world 13
“Robo-advice has been a starting point for investors in the US for years.”
Ron Lesh
The 2020 ASX Australian Investor Study found that new investor numbers have increased over the past few years, even before the upswing in activity during the COVID-19 crisis. Almost one in four current investors (23%) began investing less than two years ago. One in five current investors are already using digital investing platforms, with 22% of intending investors planning to use digital platforms within the next 12 months.
Critically, it noted that a significant number of investors have also become more likely to seek advice after COVID-19. But many of them would prefer to do so digitally rather than seeking face-to-face advice. And many do not require holistic advice, creating an opportunity for accountants to support clients with straightforward needs.
The digital opportunity14
The role of the accountant in a changing regulatory landscape
David Smith, founding director of Smithink, says no-one would deny that regulatory change that improves the quality of advice is a good thing. But he notes that:
“The accountant is more often than not the first port of call for somebody looking for advice. And for a client to walk into an accountant’s office and all of a sudden find that there’s these sorts of barriers in the way stopping the accountant being able to have a conversation with the client is an issue,” Mr Smith says.
BGL’s Ron Lesh agrees. “I just think there needs to be a starting point,” he says.
“...if someone goes to see the professional they trust the most, being their accountant, the accountant must be able to point them in the right direction.”
Ron Lesh.
In fact, accountants are already empowered to refer clients directly to financial planners or investment experts, as guidance from peak bodies including the CPA, CAANZ and IPA shows.
Guidance from CPA Australia, provided while answering a question on alternatives to giving advice, states that:
The Corporations Regulations specifically allow you to refer your client to an appropriately licensed financial adviser. If you are not going to be licensed to provide advice, having a solution like this is important for your practice and clients.
Similarly, in a response to the then-pending FOFA reforms, the IPA stated:
If you don’t want to lose your clients but also don’t want to do the education or give the advice yourself then your main option is to enter into a referral arrangement. We recommend a formal arrangement and you may want to consider revenue sharing with the financial adviser.
In positive news for financial professionals and the consumers they serve, financial regulators have been increasingly clear about their support for scaled advice as an important way of addressing unmet advice needs.
How accountants can serve more client needs in a changing world 15
A changing landscape
New financial advice definitions
Peak bodies within the financial services landscape continue to advocate for improvements to the advice landscape, to ensure greater clarity for professionals and greater access for consumers.
In October 2020, the Financial Services Council released its Future of Advice report, which recommends that reforms focus on meeting key principles of:
• simplification
• affordability
• accessibility
• consistency
• quality of advice
The report also recommends new legal definitions separating general information (incorporating educating, information and general advice) from personal advice, which would be separated into simple and complex.
General Advice
Personal Advice
Simple (Personal) Advice
Complex (Personal) Advice
Less complex
More complex
Figure 3 - New definitions of financial advice (Source: Financial Services Council Future of Advice
Report).
16 The digital opportunity
“It’s probably the most critical thing ASIC is doing in advice right now.”
ASIC Commissioner Danielle Press on the importance of understanding the impediments advisers face in providing scaled, affordable advice.
How accountants can serve more client needs in a changing world 17
Speaking at the 2020 FPA Congress, ASIC commissioner Danielle Press said that understanding the impediments advisers face in providing scalable, affordable advice is “probably the most critical thing ASIC is doing in advice right now”.
She noted that many Australian licensees are building entire business models around scaled advice and that, more importantly, ASIC has no problem with this approach.
Senator Jane Hume, Minister for Fintech, Superannuation and Financial Services, recently recognised that it is critical that our regulatory system is flexible enough to allow for a robo-advice solution to thrive in order to service the unmet advice needs of Australians.
Meanwhile, Labor MP Stephen Jones told a virtual meeting of the Association of Independently Owned Financial Professionals (AIOFP) earlier this year that the diminishing supply of professional advice is a “disaster” for consumers amid the COVID-19 pandemic and economic downturn.
“Australians have never been more in need of independent, professional financial advice. The gap between need and availability has never been greater. We’ve got to close it.”
Labor MP Stephen Jones
So if clients are looking for help from their accountants, and regulators are supportive of scaled and digital advice, how can accountants implement digital solutions to help their clients?
The digital opportunity18
How accountants can serve more client needs in a changing world 19
Implementing a digital advice offering
Implementing a digital advice solution can be quite straightforward; indeed, a growing number of financial practices have already done this and are experiencing greater efficiency in their businesses.
Rising regulatory costs and new education standards have not only forced many advisers to leave the industry but increased the cost to service an “ideal client”, highlighting the importance of learning about new solutions for clients with simpler needs.
Attract Engage Incubate
Client speaks to accountant
Access Six Park online
Client serviced and supported through Six Park
Figure 4 - How Six Park’s robo-advice solution integrates with traditional wealth practices.
Six Park robo-advice solution
Online risk assessment
Investment recommendation
Account set-up1
Trade execution
Portfolio reporting & rebalancing
1 Including automated Statement of Advice.
The digital opportunity20
“When we enter into a partnership agreement, we do all the heavy lifting on the investment management piece, compliance and customer support.”
Pat Garrett
The solution can work for accounting practices, regardless of their licensing arrangements. For unlicensed practices, digital advice can expand the scope of the help they can provide. For limited licence holders - for example, those who help clients with their SMSFs - digital advice can provide a way to help clients diversify their SMSF holdings. For fully licensed firms, Six Park’s solution can help bridge from the accounting to the advice practice.
“The flexibility to help in different ways is critical, as partners have different needs and priorities”, says Garrett.
“And flexibility is also important when considering how to meet a range of client needs.”
In this environment, digital advice provider Six Park is partnering with a growing number of Australian financial practices - both advisers and accountants - help more clients access professional investment management by integrating a robo solution into their businesses.
Six Park co-CEO Pat Garrett says this is not a one-size-fits-all approach; being flexible and modular is essential when constructing a digital offering in partnership with traditional wealth practices, he says.
“We have a strong focus on compliance and understanding the different pain points in today’s advice businesses,” Mr Garrett says.
The one thing all Six Park’s advice partners want, Mr Garrett says, is automation, including the creation of a Statement of Advice (SOA) and onboarding.
How accountants can serve more client needs in a changing world 21
Partner case study
Meet Sharryn Knight
Gardiner Knight is an accounting practice in Ivanhoe East, Melbourne, that provides referrals to Six Park.
Partner Sharryn Knight says the firm wanted to help clients who were bewildered about who to trust when it came to considering how to invest their hard earned savings. Similarly, she says many accounting firms who do not want to buy into the world of financial advice struggle to find good alternatives that are seen to be in the best interests of their clients.
“Despite the efforts of regulators to protect consumers over the past two decades, we now find ourselves in a situation where there have been numerous examples of advice given by large financial planning outfits that have had disastrous outcomes for consumers, and the need for a Royal Commission,” Ms Knight says.
“The additional regulation over this period has robbed accountants of any capacity to advise or protect their clients.”
In the past, Gardiner Knight considered an affiliation with a major adviser group.
“It quickly became obvious that if we were to go down this path, that we would have to supply a pipeline of clients to provide sufficient funds under management to make it financially viable for all concerned,” Ms Knight explains.
“That in itself meant that we would have lost our impartiality. We would have ended up referring to that advisor group simply to meet targets. This would not have been in the best interests of our clients and it could not have been a referral made with good conscience.”
Gardiner Knight’s referral partnership with Six Park provides benefits for the practice’s clients without presenting any conflict of interest.
“They are professionally run and there is no pressure to refer. Nor is there a requirement to build up a pool of funds under management. The ability to rebate any referral fees directly back to the client is of enormous appeal,” Ms Knight says.
“Six Park offers a genuinely professional and viable alternative for clients of practices such as Gardiner Knight.”
Sharryn Knight
The digital opportunity22
Supporting clients throughout their wealth journeysSmithink’s David Smith says an accounting firm will typically have many different kinds of clients.
“There’s the high net worth individuals, the pre-retirees and the retirees, many of whom want holistic advice, and the financial planning world probably deals with those not too badly,” Mr Smith says.
“But there’s other types of clients associated with the accountants - for example, the DIY investor is a very big cohort who come to their accountant because they want to just kick it around with somebody. They don’t want a big SOA. And the way the laws are structured at the moment, they can’t do that. So they end up going down to the pub and kicking it around with a mate, which probably isn’t the right solution, I suspect.”
“We need to have a solution which allows people to provide that simple advice, that simple confidence the DIY investor is looking for.”
David Smith
“And then you’ve got another cohort which is the youngster, the millennial, who’s still just trying to save some money and get themselves on a savings program, trying to understand what investments are about and how they can actually start planning to build up a bit of a nest egg. They’ve got no money to pay much in the way of fees, but again, they really need that education. The accountant again is more often than not the first port of call for these people.”
How accountants can serve more client needs in a changing world 23
Figure 5 - Different clients have different needs throughout their wealth journeys
• New to investing, Children/beneficiaries of wealth transfer
• Goal oriented e.g. saving towards home deposit
• Digital native
• < 35 yo
• Likely unadvised
• Young to experienced professional
• Building/diversifying wealth
• 30 - 45 yo
• Likely unadvised – uneconomical for full advice service today, but good future prospect
• Mature professional
• Family with kids, Grandparent
• Building towards retirement outside Super; investing for children
• 45+
• May be advised or unadvised
• Wealthy, sophisticated investor
• Likely advised
• Establishing a core, diversified foundation within broader portfolio
Value Client type Description
Ear
ly S
tag
eM
atu
re
24 The digital opportunity
“Six Park’s solutions have been designed to support clients at all stages of their wealth journeys because whether you’re in the early, middle or late stages of your wealth journey, we all want the same things.”
Pat Garrett.
How accountants can serve more client needs in a changing world 25
“Six Park’s solutions have been designed to support clients at all stages of their wealth journeys - because whether you’re in the early, middle or late stages of your wealth journey, we all want the same things,” Mr Garrett says.
“We want to feel confident our money is being well-managed, we want to keep costs low, and we want transparency over our investments. Six Park is backed by a team of Australia’s most respected financial minds, our fees are low and easy to understand, and all investments are held in the client’s name, rather than being pooled in a larger fund.”
But there’s a better way to understand some of Six Park’s use-cases, and that’s to meet the people using our service.
• Saving for a home deposit: Matt Campbell Matt Campbell and his partner Megan recently bought their first home, in Tullimbar, NSW. Matt used a portion of his Six Park investment for his deposit. Read the full story.
• Set and forget versus timing the market: Will Allen When former stockbroker Will Allen moved back to Australia from the US, he sought a low-cost way of diversifying his investments with strong oversight. Read the full story.
• Investing for kids: Rando and Yvonne Yam Rando Yam and his wife Yvonne researched online investment options and opened a Six Park investment account for baby daughter Abigail. Read the full story.
• SMSF transparency: Asaf Harel Toy buyer Asaf Harel’s SMSF options are now managed through Six Park when he realised how much money he and his wife were paying in super fees. Read the full story.
What are the key benefits?Six Park offers a solution that is affordable, accessible and transparent for clients; and low risk and low touch for accountants. We:
• meet the needs of clients who you or your financial planning partner could not otherwise service;
• are a compliant, standardised service that supports risk management;
• provide complimentary set-up without any ongoing costs for planning and accountant partners; and
• provide speed to market with a proven capability.
Your clients receive an affordable, professional investment management with a proven track record and complete transparency and independence from product issuers. The benefits include:
• 24/7 account access;
• an internationally diversified portfolio, with assets in their own name (HIN model);
• Australian-based support by phone, email and LiveChat;
• oversight from Six Park’s Investment Advisory Committee; and
• consolidated tax reporting.
26 The digital opportunity
“I just felt I had no clue about economics because I hadn’t had any exposure to that.”
Katrina Streatfeild
How accountants can serve more client needs in a changing world 27
Client Case Study
New to investing: Katrina Streatfeild
For Katrina Streatfeild, making the decision to invest has been powerful in many ways.
“I wanted to feel that I was able to have something of my own, to have the sense that I was capable of making that decision,” she says.
“It’s also about being a role model for my kids in being financially confident.”
Katrina, who is a psychologist, knew that she wanted to take more control of her finances; what she didn’t know was where to start.
“I learned about Six Park through a women’s business network ahead of an event about getting on top of savings, super and investing. I really connected to the group of women that Six Park was talking about – I’m a working mum, thinking about financial independence and the future.”
Katrina says that making the decision to become an investor felt like a leap of faith at the time.
“Looking back, I took a risk because I knew I needed to do something. I did really like robo-investing because of the low fees – people like me can’t afford to pay big fees so that’s important. If I was going to take a risk, it felt like the least risky risk. Starting with a smaller amount was also good.”
She opened an account with Six Park and began contributing regularly to reach the $5,000 minimum investment.
“Being able to work towards the $5,000 was really crucial,” she says. “It took me ages to reach that goal – sometimes I would put in $20 or $50 but I went in really determined to get there. It would have been impossible if it had been more, because everything else comes first – I knew that I could never just wait to have spare money.”
Katrina says she’s been shocked “in a good way” by Six Park’s communication and engagement.
“It feels like people are genuinely interested as opposed to just being a client, like the whole team is behind me and wants this to work.
“I just hope that this message gets through to the people who need to hear it – that investing is accessible and possible for people like me. You don’t have to have stacks of money to start – you just need to start.”
The digital opportunity28
Conclusion
Many financial advisers are exiting the profession as the new wealth management landscape emerges. Yet in parallel, the demand for guidance is increasing, as new - and more digitally oriented - clients seek help.
These clients are naturally likely to seek that help from accountants, as they have and will continue to do for aspects of their financial life. While accountants have been limited in being able to provide investment management support in recent years, proven, digitally led solutions have emerged that enable accountants to now help - and provide broader support to their clients in doing so. These digital solutions are recognised by regulators and government as important tools to help address the “advice gap” in Australia.
Digital advice is complementary to the other services that accountants deliver, can be implemented with little effort, and can be low-risk and low-touch ongoing for the accountant. When properly designed, these solutions deliver compliant and consistent processes, offer clients affordable access, and are efficient and scalable - attributes that should be attractive to most practices.
Financial services around the world have already embraced the use of digital advice, most notably in North America, Europe and the UK, and it is only a matter of time before the trend becomes the norm in Australia.
We invite you to join the progressive professionals who recognise the opportunity digital advice represents to build an even more meaningful and valued relationship with your clients.
How accountants can serve more client needs in a changing world 29
The digital opportunity30
About Six Park
In June 2014, former JP Morgan Australia chairman Brian Watson AO and Pat Garrett started building a better solution to address a major challenge for Australian investors.
After decades working at the highest levels of Australia’s financial services industry, they had identified that it was difficult, confusing, expensive and frustrating for most Australian investors to get professional, low-cost investment management.
Six Park launched in 2016 and, since then, it has provided support to Australians on their journey to financial wellbeing. In 2019, Six Park launched solutions to help financial professionals serve more clients at every stage of their wealth journey.
Every Six Park client has a portfolio of high-quality ASX-listed exchange-traded funds (ETFs) developed to match their personal risk profile and investment horizon. Six Park is committed to a platform of continual innovation through future product enhancements.
Six Park’s expert team is led by our world-class Investment Advisory Committee, whose respected members have vast experience in Australia and overseas. Six Park combines innovative technology with sophisticated investment theory, provides total transparency about our offering and fees, and has the required legal authorisation to provide these services.
How accountants can serve more client needs in a changing world 31
The digital opportunity32
Contact the Six Park team today
Michele NevinsAccount Manager
Michele is responsible for day-to-day management of Six Park’s business-to-business and direct client accounts, and is a key point of contact for advisers and referral partners. Michele’s role combines her extensive experience in sales, client service and relationship management, including managing clients such as Lendlease, Boutique Properties and PEET Limited.
Ted RichardsHead of Distribution
Ted is a former AFL premiership player with the Sydney Swans, where he earned accolades not only for his football skill but his leadership, toughness and sportsmanship. He was a board member of the AFL Players Association from 2012-16. Ted has a Bachelor of Commerce and a Masters of Applied Finance and has previously worked for Citigroup and Airlie Funds Management.
Ha-Dieu FordHead of Partnerships
Ha-Dieu is an experienced finance executive with more than 20 years’ experience in the financial services sector. She has previously worked in senior business development and partnership roles at AustralianSuper, BT Financial Group, Westpac and Mariner Funds Management. Ha-Dieu is also a former president of the Women in Finance association.
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Please schedule a call with our team.
www.sixpark.com.au/appointment
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Six Park Asset Management Pty Ltd ACN 610 445 479 is a Corporate Authorised Representative (No. 1240305) of Bespoke Portfolio Pty Ltd (AFSL 341991).
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