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The quotes in this article refer to the entire population of Australia and not just the people who have a financial adviser. It is referring to the fact that only 20% of the population seek financial advice. This means that 80% don't because of a reason which includes - they don't understand what value an adviser can add, they don't think they need advice, they think it is only for rich people, they don't realise they need insurance, they only want a small piece of advice not an entire plan etc.

Therefore if we want to tap into this untapped market and solve underinsurance we need to change the way we communicate to be relevant to more consumers. There also needs to be other ways to access the services to suit more people.

Having said all that, I 100% concur that we need the SOAs to be simplified - they waste so much time writing them and explaining them, they confuse clients and I would suspect stop them from actually reading them and understanding because a lot of it is just compliance and disclaimers.