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The good news? Millions of unadvised Australians see the value in financial advice. The bad news is that the vast majority remain reluctant to attach market rates to that value, even if the advice is digital. But all that has the potential to change.
Making up the adviser shortfall is going to be a challenge, with the big professional services firms just as desperate for top-level talent as advice groups. To get young people interested, Striver founder Alisdair Barr says, we need to make the industry interesting.
From organisational improvements to client “nudges”, the potential for AI to transform advice businesses is limitless according to Netwealth’s Andrew Braun.
Bringing super funds and other institutions into the advice ecosystem should benefit consumers by creating an organic path for them to follow as their needs become more complex. More would benefit if the review also took into account the SMSF capabilities of accountants, stakeholders believe.
While technology’s role in compliance is becoming more prominent, advisers and brokers are still looking for clarity on what vehicles will carry that technology.
It’s not a corner office or a fatter pay packet at the top of paraplanners’ collective wish list, but something that is much more beneficial to financial advice practices and the clients they serve.
The potential for artificial intelligence to aid the delivery of financial advice is being recognised globally, and should lead to a “redefinition” of the sector according to commentators.
As the world turns towards critical minerals like lithium to power electric vehicles, alternative access to investment in these sectors will become crucial pieces of the supply chain puzzle.
Even though there are thousands more HNW investors in the country this year, they are a lot less willing to pay the going rate for financial advice according to Praemium and Investment Trends.
It’s not just money being thrown at financial advisers, with title changes, more responsibility and “other added benefits” also on offer according to financial services recruitment teams.
When Invesco Global Consulting asked advice clients if they were having ESG conversations with their advisers, three specific investor groups stood out.
When an industry full of Gen X and Baby Boomer advisers is assigned the task of training swathes of largely millennial acolytes, there’s bound to be a few bones of contention according to Brisbane adviser Jaxon King.