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.”
