About
The Digital Advice Expert Group helps define digital financial advice in an Australian context and to support the development of a policy environment that enables its responsible adoption.
Digitally delivered advice is increasingly recognised as a key enabler of government and industry efforts to improve the accessibility and affordability of financial advice. It also plays an important role in enabling superannuation funds and other providers to deliver advice at scale to their members.
What is Digital Advice?
Digital advice refers to the delivery of financial advice through technology-enabled channels. It is not a separate category of advice, but rather a way of delivering general guidance through to full personal advice within the existing regulatory framework.
Its defining feature is the use of technology to support parts or all of the advice process, including:
- Understanding an individual’s circumstances, needs and objectives
- Developing appropriate strategies and recommendations
- Supporting implementation, including (where relevant) product solutions
In many cases, digital advice is fully automated. However, it is regularly combined with human support—such as advisers, call centre staff, or other professionals—to provide reassurance and guidance, particularly for more complex decisions such as retirement planning.
By combining technology with human expertise, digital advice has the potential to enable more Australians to access affordable, high-quality advice. It complements traditional advice models and other trusted channels, including accounting professionals and employers, who continue to play an important role in supporting financial decision-making.
Objectives
The Digital Advice Expert Group is focused on advancing the role and adoption of digital financial advice across the industry through the following priorities.
- Representation — Contribute to FSC policy development and respond to regulatory and government consultations on digital advice.
- Standard setting — Build awareness and a shared understanding of digital advice, including the benefits it delivers to consumers and stakeholders.
- Collaboration — Work with industry bodies, associations and traditional advice providers to support the broader adoption of digital advice.
- Best practice — Facilitate the exchange of insights and global best practice to inform the development of industry standards and future-state frameworks.
- Promoting adoption — Encourage financial institutions of all sizes to integrate digital advice into their customer offerings, improving accessibility, affordability and choice for Australians seeking secure financial futures.
Digital Advice Expert Group membership
We welcome participation from organisations operating in the financial technology and digital advice sector. For information on membership, please contact the FSC.
Andrew Baker
Chief Corporate Officer, Ignition Advice
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