In Australia, a new report shows that while more than 10 million adults plan to see an adviser, half only want to pay for advice as-and-when they need it – preferring one-off episodic advice rather than traditional, full-service models.
Data also shows a growing divide between the higher costs of comprehensive financial advice and the affordability of episodic guidance.
The top three areas where advised clients are willing to pay the most for personal advice are:
- Inheritance and estate planning $1,857 (AU$1,690)
- Buying a home $1,395 (AU$1,270)
- Retirement planning $1,066 (AU$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.”
Beringer says its data highlights a clear opportunity to inject greater flexibility into the sector, enabling organisations to offer targeted services that directly address consumer needs.