Supply demand imbalance presents ‘greatest opportunity’ for advisers
Supply and demand changes have seen advisers who remain in the market inundated with new client enquiries, presenting a great opportunity, according to the Financial Planning Association of Australia.
Speaking at an industry event, Financial Planning Association of Australia chief executive, Sarah Abood, said the exit of many from the industry had coincided with a boom in consumers seeking advice which presented a demand/supply challenge.
“The change in demand and supply is impacting businesses, so many members I speak to have never been so busy with new client work and that’s encouraging for me so much. Great planners love to engage with clients and help them solve problems and they’re saying they are run off their feet by demand and that is fantastic.
“I would hate for it to be because we don’t have enough planners because we need more planners in this country, there is no doubt there is a supply problem. But in the immediate term, this is the greatest opportunity that current financial planners have.
“That’s not to take away from or not recognise the challenges there have been as they have been really challenging times but I believe the future is really bright if you are running a great financial planning business.”
Chair, Marisa Broome, added she had been busier in the past two years than in the previous 25 years at her firm WealthAdvice.
“We cannot keep up with the number of people coming to us, they are wanting advice and they are desperate for it. Not because they are in financial difficulty but because they have spent the last couple of years out of control and want to get their life in control and they have a lot of cash.”
AUTHOR
Laura Dew
Recommended for you
A Victorian accounting firm – in which Count holds a 40 per cent equity stake – has announced the acquisition of an accounting client book through a $1.4 million transaction.
Australian Ethical has reported its net profit after tax (NPAT) fell 15% to $9.6 million for the year ended 30 June, while its underlying profit after tax (UPAT) declined 7% compared with the year prior, to $10.3 million.
Insignia Financial has announced a 59% increase in its underlying net profit after tax (UNPAT) to $234.5 million in FY22.
With October being Mental Health Month, it’s a good opportunity for people in the profession to look out for each other’s mental health.
