We are a proud member of the Financial Services Online network!
Connect with us on your favourite social media platform for the latest financial news, views, tips, tricks, resources and information.
|
|
|
|
The process of obtaining a new mortgage to replace an existing one, often to secure a lower interest rate.
Rethinking Financial Advice: The Shift to Episodic Engagement
Rethinking Financial Advice: The Shift to Episodic Engagement
The 2024 edition of the Australian Financial Advice Report, spearheaded by Investment Trends, uncovers pivotal insights into consumer preferences. Out of the 21 million Australian adults assessed, nearly half—about 10.2 million—express their intent to consult financial advisors. Among them, the demand for episodic, issue-specific advice is on the rise, highlighting the importance of accessible and affordable financial counsel.
Interestingly, 22 percent of individuals (having no immediate plan to engage advisors and seemingly content with their current financial management), coexist with a significant 23 percent who face unresolved financial issues but are similarly not considering advice. In stark contrast, 1.5 million individuals currently receiving financial guidance reveal that more than 85 percent still encounter unmet advisory needs.
The widespread need for assistance spans various financial concerns. An impressive 16.4 million Australians voiced their interests in specific areas such as retirement finances (30 percent), structuring investments (30 percent), navigating tax concerns (27 percent), and home purchase strategies (25 percent).
As determined from the study, Australians value episodic financial advice, predominantly because it bears lower costs compared to comprehensive financial advisory services. Notably, financial guidance regarding inheritance and estate planning, home acquisition, and retirement strategies are top areas Aussies are willing to invest in, occasionally exceeding figures like $1,690, $1,270, and $970 respectively, for direct human advisory.
Olivia Beringer, Research Director at Investment Trends, underscores the shift, explaining: "It is abundantly clear that episodic financial advice—tailored to fit budgets and life circumstances—is what Australians want." She adds that as organizations adapt to this demand through innovative business strategies, the legislative alignment anticipated would further support this framework.
Moreover, Beringer highlights the crucial transition: "Australians are demanding advice that is both affordable and available when they need it. Our data highlights a clear opportunity to inject greater flexibility into the industry, enabling organisations to offer targeted services that directly address consumer needs."
This research further fortifies the concept of personalized financial planning, catering to unique life events instead of ongoing advisory relationships, as the newfound norm in the sector. The original insights and data were derived from the Australian Financial Advice Report presented by Investment Trends, which casts a spotlight on these evolving client paradigms.
Published:Monday, 9th Dec 2024
Source: Paige Estritori
Share this news item:
| ANZ Faces Shareholder Discontent Over Remuneration Amid Scandal 19 Dec 2024: Paige Estritori ANZ is grappling with a significant backlash from its shareholders following a bonus dispute linked to a recent bond trading controversy, marking an unprecedented strike against the bank's executive pay proposals. - read more |
| Mortgage Rates Climb: Australians Face a Holiday Financial Surprise 18 Dec 2024: Paige Estritori As the festive season approaches, Australian homeowners are facing unexpected challenges with increased mortgage repayments. Recent analyses highlight a notable shift in interest rates, impacting both fixed and variable loan agreements. - read more |
| Private Credit's Momentum Persists Amid Changing Rate Landscape 17 Dec 2024: Paige Estritori As interest rates begin their downward trend, one might assume that private credit investments would lose some of their appeal. However, the chief executive of Pengana Capital Group's dedicated private credit division remains optimistic about the sector's future due to ongoing investor enthusiasm. - read more |
| Chalmers Unveils New Corporate-Backed RBA Advisory Boards 16 Dec 2024: Paige Estritori Treasurer Jim Chalmers has made pivotal changes to the Reserve Bank of Australia (RBA) by appointing a new advisory board rich in corporate experience. This move comes as part of an extensive reform agenda aimed at enhancing the central bank’s decision-making processes. - read more |
| New Zealand's Economic Woes: Facing Prolonged Uncertainty 16 Dec 2024: Paige Estritori New Zealand is grappling with a greater per capita GDP contraction than any other English-speaking country in the past year, highlighting a challenging economic landscape that surpasses the downturns post-Global Financial Crisis. - read more |
| How to Avoid Falling Back into Debt: Post-Consolidation Best Practices Welcome to our guide on how to avoid falling back into debt after consolidating your debts. Debt consolidation can be a fantastic way to manage multiple financial obligations, combining them into a single, more manageable payment plan. But the journey doesn’t end there. - read more
|
| Consolidating Debt: Choosing the Right Strategy for Your Financial Future Debt consolidation is a financial strategy that has gained widespread attention, especially within the diverse economic landscape of Australia. It involves combining multiple debts into a single, more manageable loan, with the aim of simplifying the repayment process and potentially securing a lower interest rate. This approach can be particularly relevant for Australians juggling various forms of credit, from personal loans to high-interest credit card debt. - read more
|
| Monitoring Your Progress: Tracking Financial Goals Post-Debt Consolidation Welcome to our blog, where we're dedicated to helping you make the most of your financial journey. Today, we're going to delve into an important aspect of financial health: tracking your progress after debt consolidation. - read more
|
| The Reality of Debt Consolidation: Does it Affect Your Ability to Borrow in Future? Welcome to a comprehensive guide aimed at dismantling the common myths that cloud the concepts of debt consolidation and debt reduction. Amidst widespread financial stress, debt consolidation emerges as a popular strategy for Australians in search of relief from their monetary burdens. - read more
|
| Debt Negotiation 101: How to Lower Interest Rates and Reduce Payments High-interest debt can feel like a relentless cycle for many in Australia, often making it challenging to gain financial ground. Whether it's credit card debt, personal loans, or other forms of borrowing, the compounded interest can quickly become overwhelming. Fortunately, debt negotiation presents a viable solution for those caught in this dilemma, offering a ray of hope to reduce financial burden. - read more
|
|
How to Craft a Foolproof Financial Strategy for Debt Management Managing debt is a crucial aspect of maintaining financial well-being, yet it can often feel like a daunting task. Understanding how debt works and its potential impact on your life is the first step toward gaining control of your finances. In this section, we will delve into the intricacies of debt and outline why a solid financial strategy is essential for effective debt management. - read more
|
|
Managing Your Credit Card Debt Wisely in Tough Economic Times In light of the current economic challenges facing many Australians, managing credit card debt has become more crucial than ever. With rising living costs and financial uncertainty, accruing debt on high-interest credit cards can quickly escalate from a manageable inconvenience to a stressful financial burden. - read more
|