Two-thirds of Australians are still not accessing financial advice and among those that do, most will consult family members first before going to an accountant and then a financial planner.
That is the bottom line of research conducted by IOOF with the company’s general manager, investor solutions, Renato Mota saying it had reinforced the role of family in financial planning, something that can benefit advisers.
“While investments are typically passed from one generation to the next as the family evolves, an adviser’s relationship with its client does not necessarily follow,” he said.
“Estate planning provides an opportunity for advisers to cement relationships with the next generation, while also providing alternative strategies to add client value.”
He said it was this factor that had prompted IOOF to develop its investment bond WealthBuilder product, which was specifically aimed at estate planning. Mota said that the focus for the financial planning industry over the past decade had been on wealth accumulation for retirement but estate planning would be a real issue over the next decade.
