Australians need targeted wealth advice

Australian investors want more targeted support and advice on wealth management and banking, according to a new study released by National Australia Bank (NAB).

NAB’s innovation centre, NAB Labs, has released a study “Empowered Wealth: Exploring the Wealth Management Models of the Future” which identified key profiles of the Australian investors.

The first one were ‘delegators’ and referred to those who knew the importance of managing their wealth, but who were too time poor to do it themselves or hire an adviser.

The second category were the ‘validators’ who required support and advice to help manage their health, however they did not have an adviser while the third category, ‘self-directed’, referred to those who understood the different investment strategies and did not want an adviser.

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MLC’s chief executive and executive general manager of Wealth, NAB, Matthew Lawrance, said: “The ‘delegators’ and ‘validators’ particularly want more support and advice, and so we need to invest to give customers the ability to engage in all stages of the wealth management lifecycle.”

He stressed that changes in technology and demography also meant that digital and traditional advice models were no longer an ‘either or’ proposition and they rather should work together as customer needs grow and evolve.

Lawrance also said that it was important not to forget there were many Australians who did not engage with their wealth at all.

“Our customers want more targeted support and advice across banking and wealth management, and understanding these investor personas helps us to more effectively understand and engage with them,” he said.

“We need to continue to invest to develop new and innovative solutions that give them the ability to engage us – whenever, however and through whatever means suits them, whether it be digital or face-to-face.”