Are advisers ready to satisfy clients’ advice needs?

From

Louise Biti

Advice businesses are undergoing transformation, and it is increasingly important for advisers to focus on meeting the strategic advice needs of clients.

ASIC’s recent survey[1] on what Australians want financial advice on, offers insights on the real needs of clients and provides a guide for advisers to determine whether they are well prepared to meet these needs and capture emerging business opportunities.

“According to the ASIC report, advisers need to pay greater attention to strategic advice areas including aged care, which featured in the top 5 issues that Australians want advice on” said Louise Biti, Director at Aged Care Steps.

ASIC Report 627: Financial advice: What consumers really think, was based on a survey of Australians. It summarised the topics and issues that Australians are seeking advice on as:

 

 

Interestingly, aged care featured as a more important topic than SMSF’s, debt management and estate planning.

Biti added “Despite the growing demand for aged care advice, many advisers are still delaying or avoiding putting in place an aged care service offer and consequently increase the risk that they fail to meet their clients’ real needs”.

The demands on an adviser’s time are high, particularly during the current industry transformation period, but accessing practical education, software and tools to help them build efficient and profitable aged care services can help to make the task easier, so that advisers are ready to capture the growing market.

“The ageing demographic, increasing costs of aged care and the Royal Commission into aged care will only underpin a long-term increasing demand for aged care services which is becoming a core component of financial planning advice” concluded Biti.

We are aware of the saying that ‘change brings opportunity’. Advisers who take advantage of the current state of change, to add increasingly relevant and growing services such as aged, are more likely to succeed with higher levels of client satisfaction, higher revenue and improved business valuations.

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[1] ASIC Report 627: Financial Advice: What consumers really think, August 2019

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