{"id":35617,"date":"2016-12-13T15:00:57","date_gmt":"2016-12-13T04:00:57","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=35617"},"modified":"2016-12-14T07:15:57","modified_gmt":"2016-12-13T20:15:57","slug":"advice-considered-a-low-priority-for-consumers","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2016\/12\/13\/advice-considered-a-low-priority-for-consumers\/","title":{"rendered":"Advice Considered a Low Priority for Consumers"},"content":{"rendered":"

Financial advisers are competing with inertia and time-pressures in their efforts to have more people engage with advice while current levels of advice are not likely to change for some demographics, according to an award-winning adviser.<\/p>\n

\"Henderson<\/a>
Henderson Maxwell CEO Sam Henderson<\/figcaption><\/figure>\n

Henderson Maxwell<\/a> chief executive, Sam Henderson<\/strong>, said efforts to expand advice beyond one in five consumers had appeared to have stalled despite the growing level of free information around financial literacy and financial advice.<\/p>\n

Henderson, whose firm won the Association of Financial Advisers 2016 Practice of the Year award, said the limited growth in advice was not related to the advice itself but the ability for people to find time to seek advice.<\/p>\n

\u201cThere is plenty of free information out there for people to educate themselves, but at the end of the day, financial well-being is simply not going to be a priority for a majority of Australians because they have other things on their minds,\u201d Henderson\u00a0said during a media briefing hosted by Zurich.<\/p>\n

“…financial well-being is simply not going to be a priority for a majority of Australians because they have other things on their minds…”<\/h6>\n

\u201cLook at young families \u2013 may have a pile of debt and may want to live in lovely suburbs and work in great jobs, but they are too busy and doing what they need to do to execute all the things they have got to do,\u201d he said.<\/p>\n

Henderson said expanding past the one in five people who currently receive advice may become more difficult as further regulation and costs impact advisers.<\/p>\n

\u201cThe demographic in which a lot of financial advisers want to work is probably covered not too far outside the existing 20% of people who receive advice,\u201d Henderson said.<\/p>\n

\u201cHow do you provide advice to the masses at a profitable level? It is hard enough right now to provide advice at a profitable level when we are getting squeezed on fees and regulation,\u201d he said, adding, \u201cWe would like to but how do we do a one to many advice strategy, that is the challenge many of us struggle with.\u201d<\/p>\n

The 2016 AFA Adviser of the Year, and principal of Align Financial<\/a>, Darren Johns<\/strong> added to Henderson\u2019s comments stating that many people who do end up seeking advice do so because of a trigger point, such as retirement.<\/p>\n

\u201cMost of the prospects who call us have done so because of an event or catalyst, and we ask then \u2018why now\u2019? Nearly always there has been something that needed attention for months or years,\u201d Johns said.<\/p>\n

\u201cThey are conscious that they have known for a good period of time that it needs looking at but it was busted enough for them or were there other things to do?\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Financial advisers are competing with inertia and time-pressures in their efforts to have more people engage with advice while current levels of advice are not likely to change for some demographics, according to an award-winning adviser.<\/p>\n","protected":false},"author":3,"featured_media":35630,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,5],"tags":[4247],"class_list":["post-35617","post","type-post","status-publish","format-standard","has-post-thumbnail","category-general","category-services","tag-feature"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/35617","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=35617"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/35617\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/35630"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=35617"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=35617"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=35617"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}