Stuart Alsop

Stuart Alsop, Head of Sales at intelliflo, highlights the crucial role advisers play in supporting the financial security of clients and their ability to boost their general wellbeing.

Given the challenges many have faced over the last two years, there has never been a better time to focus on your wellbeing and that of your family, friends, colleagues and clients.

As we emerge from the pandemic, we also face other economic challenges that are impacting our personal finances such as the rise in interest rates and inflation. Over the past year in Australia, inflation alone has risen by 5.1% and interest rates have began to increase in 2022 amidst concerns around the need to tackle this higher inflation.

The state of our finances is an important aspect of our wellbeing. Whether you can meet your financial obligations, how secure you feel about your financial future and having enough money to do the things that you want, all play a significant role in our overall happiness.

Unfortunately, this is also a factor that has been sorely tested over the past two years. While some have seen financial gains due to lockdowns and restricted spending opportunities, others have been negatively impacted by reduced income and redundancy.

In March 2022, the Australian Bureau of Statistics analysed data from businesses around the rising costs of living and the impact that it is having on consumers. Overall, 38% of businesses expected the price of their goods or services to increase over the coming months and this was due to factors including interest rate rises and increased staffing costs.

Advisers are, of course, ideally placed to help improve the financial wellbeing of clients by working to secure their financial future and help ensure they have the funds to fulfil their goals. An advisers ability to take a holistic view of a clients financial affairs can be extremely useful when it comes to supporting their financial wellbeing.

Technology can also make the task of identifying financial vulnerability easier and ensure you act with appropriate levels of care. This is why it is critical that advisers and their firms are utilising modern processes and technologies to improve efficiency and better support their clients.

Hopefully, the impact of the pandemic will spur people on to seek professional advice to strengthen their finances. Advisers will continue to play a pivotal role in supporting consumers through this difficult period and beyond.

COVID-19 has been a good reminder of the detrimental effect money worries can have on other parts of our lives and the important role advisers play in supporting their clients’ overall wellbeing by improving their financial security. So, make a wellbeing check-in part of your next client review – it will likely be much appreciated.

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References
https://www.abs.gov.au/statistics/economy/price-indexes-and-inflation/consumer-price-index-australia/mar-2022

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