Consumers mystified about planners’ job description
Beyond what they see in media headlines, many consumers have no idea what a financial planner does, a wealth management veteran believes.
While some know planners work in the investment realm, many potential customers are bemused about what precisely planners can offer them, Wealth Know How's general manager, Fiona Parker, said.
"Consumers are telling us they want the role of planners demystified so they can better understand how even the basic problems and investment strategies will be addressed," she said.
Until they have that understanding, they are unwilling to make the "first call" to engage with a planner, she added.
"It is clear from recent research by the Financial Services Council that people who get financial advice get real value from it so it is important that it is made more accessible," she said.
"Taking into account the cost of advice, an individual who has had financial advice generally saves $1590 each year more than a similar individual without a financial adviser."
She said potential customers would benefit from education campaigns to clarify the practical role of planners.
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
