A new industry white paper will be released later this week which delivers a gender-based take on finances, health and the role of advisers.
Called Money, Well-being and the Role of Financial Advice – a gender-based approach, the white paper has been delivered by the Beddoes Institute for the Association of Financial Advisers.
According to the AFA, this cutting edge research, supported by TAL, provides evidence of the significant positive contribution that financial advisers make to the overall health and well-being of the Australian community. In arriving at this conclusion, the paper also identifies the differing needs of advice clients across both gender and generation.
…the age of a ‘one size fits all’ approach to financial advice has passed
The Association says the age of a ‘one size fits all’ approach to financial advice has passed, and that the present and future of great financial advice lies in tailoring both strategy and the style of approach to advice relationships to the clients’ own preferences which can be indicated by their age, life-stage and gender.
In applying the findings of this research, the AFA says advisers will discover new opportunities for growth that result from:
- Stronger client advocacy and referrals
- ‘Stickier’ client relationships
- Greater breadth in the services that clients ask them to provide
These and other findings from the white paper have been shared with advisers over the last two weeks as part of the first AFA Inspire national roadshow, which has also incorporated the formal launch of the 2016 AFA/TAL Female Excellence in Advice Award.
Addressing the roadshow audience, the white paper’s co-author, Beddoes Institute’s Dr Rebecca Sheils, discussed opportunities for gender-specific, tailored advice and highlighted additional findings that serve to confirm that:
- Women generally take longer to engage with a financial adviser
- It is quite rare for a consumer to engage a financial adviser outside either a trusted referral or someone already known to them
Dr Sheils says the white paper delivers “…powerful , compelling evidence that financial advisers make a significant difference for consumers” across their health and well-being as well as in achieving their short and long-term financial goals.
The white paper will be made available for general release following the completion of the AFA Inspire roadshow series later this week.
Congratulations to AFA and TAL for sponsoring this research and ‘white Paper’. Good, sustainable Advice has always been built on a mutually trusting relationship between the client(s) and his/her adviser, not a cheap product (nor an expensive one for that matter). I look forward to seeing more from the research.
Absolutely Ted. However, if TAL can see the significant benefit advisers play in the advice process, will they dump their direct product offering, i.e. Insuranceline? Why were they not seen to fight the LIF in its current format?
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