Advisers need to make their interactions with clients less complicated to improve financial literacy, Association of Financial Advisers (AFA) chief executive, Brad Fox says.
Speaking at the Money Management Life/Risk Remuneration Inside the New Framework, breakfast in Sydney this morning, Fox said that while “Australia doesn’t rate well” on financial literacy, it was important for advisers to speak to clients in a way they can understand.
“We need to be less complicated in what we do,” he said.
“We need to step up to the plate and speak to consumers in a way they feel comfortable with.”
Fox said that if advisers failed to change the way they communicate with their clients the average financial literacy age of Australians would remain at 15.
