Silver Lining for Advisers?


Latest research has found that more Australians are considering visiting a financial adviser for the first time.

This finding stems from research conducted by CoreData, which canvassed consumers and financial advisers around a range of issues in relation to the onset of the Covid-19 pandemic and its fallout.

Asking consumers what action the Covid-19 outbreak had prompted them to undertake, almost seven percent said they were looking to access advice from a planner for the first time.

Around 22 percent of this consumer group also indicated they were openly discussing their mortality with friends and family:

This chart taken from a report presented by CoreData to a virtual Round Table industry event in May 2020…
CoreData’s WA Director, Kristen Turnbull …almost three in ten Australians have no financial back-up plan

These and other findings were tabled by CoreData’s WA Director, Kristen Turnbull, and discussed with a selection of key life company stakeholders during a virtual round table earlier this month.

The fact that a proportion of the consumer population is seeking financial advice for the first time may offer a silver lining for the adviser community, many of whose businesses are being adversely impacted by a combination of factors around regulatory reform and the Coronavirus crisis itself – and at a time when many are considering their future as advisers and operating an advice business (see also: Slowdown in Adviser Exits).

Highlighting the potential financial disasters awaiting many consumers, the CoreData research also revealed that around three in ten Australians have no financial safety net in place if their health or financial circumstances are impacted by the Coronavirus or other events:

Source: presentation by CoreData to a virtual Round Table industry event in May 2020…