More than 10 million adults plan to see an adviser for help with their retirement, investments, tax, and home buying plans, according to Investment Trends’ latest Australian Financial Advice Report.
The 2024 report also reveals that of the 10.2 million Australians planning to call a financial adviser, half prefer one-off episodic advice rather than traditional, full-service models.
This, says the reports’ authors, underscores the importance of the Quality of Advice Review’s recommendations to ensure Australians have access to high quality, accessible, and affordable financial advice.
Data also shows a growing divide between the higher costs of comprehensive financial advice and the affordability of episodic guidance.
It shows the top three areas where advised clients are willing to pay the most for personal advice are:
- Inheritance and estate planning ($1,690)
- Buying a home ($1,270)
- Retirement planning ($970)
“It is abundantly clear that episodic financial advice – tailored to fit budgets and life circumstances – is what Australians want,” says Olivia Beringer, Research Director at Investment Trends
“Customers are calling for it, and organisations will be able to meet consumer needs through evolving business models. Once legislation is finalised, this will benefit all Australians.”
Beringer says its data highlights a clear opportunity to inject greater flexibility into the industry, enabling organisations to offer targeted services that directly address consumer needs.
