Over 70 per cent of financial advisers regularly work with other specialists in tax, aged care and estate planning to meet increasingly complex client needs.
Viridian Advisory’s Adviser Sentiment Poll, which surveyed more than 50 financial advisers, has underscored the importance of advisers building a professional network of specialist expertise.
The research revealed that 93 per cent of advisers find that the skill set required for financial advice has become complex over the past five years.
As a result, 79 per cent of respondents say access to specialists is crucial for providing quality and holistic advice in areas including tax, estate planning and aged care. Meanwhile, 72 per cent of advisers are frequently collaborating with other specialists when constructing financial strategies for clients.
The 2024 National Seniors Social Survey conducted by Challenger and National Seniors Australia echoes this, which found that paying for aged care has become the top concern for older Australians. Some 60 per cent of all respondents expressed worries about how they will cover these expenses, compared to 38 per cent in 2021.
Viridian’s research reflects the advice industry’s growing reliance on external expertise to address a wider range of financial needs, the firm stated.
“These days, access to specialists isn’t a nice-to-have – it’s an absolute must,” described Brett Arnol, co-founder and general manager of advice at Viridian.
“Clients face increasingly complex financial challenges, from tax and estate planning to navigating divorce and aged care. No single adviser can be an expert in all these areas, which is why having a network of specialists is essential. It’s about making sure clients get the right advice from the right people, tailored to their unique situation, and no single adviser can deliver that alone.”
Money Management previously explored the trend of high-net-worth investors seeking to use an adviser as part of a professional network of specialists, including accountants, brokers and lawyers.
For them, an adviser can act as a “connector” between various specialists and offer expertise on matters involving from portfolio construction to succession planning.
Viridian also uncovered that 88 per cent of advisers are reporting increased use of separately managed accounts (SMAs) to meet evolving client needs.
Arnol continued: “At Viridian, our team-based model ensures every client is backed by a primary adviser and a network of specialists across Australia. This approach allows us to deliver expert, tailored advice that adapts to each client’s changing needs.”
Earlier this week, Colonial First State (CFS) announced an arrangement with Viridian to offer unadvised members with one-off, topic-based financial advice.
This will enable CFS FirstChoice superannuation, pension and investment members who do not have an adviser to access affordable one-off, topic-based advice from Viridian, including personal investments, debt, superannuation, pensions, retirement planning and Centrelink.
