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October 9 News

In August, ASIC released Report 627 Financial advice: What consumers really think. The research included participants with various attitudes towards their financial circumstances, advice (either from a financial adviser or other source) and those who don’t receive advice at all. As you may expect, there are a few interesting results. These range from extremely positive to seeing no benefit at all receiving financial advice (this is not new news). As I read through the report, these findings stood out;

Australians who had recently received financial advice tended to have higher household incomes and were more likely to be university educated than the overall Australian population. They also tended to be closer to retirement age and were interested in economic trends and set long-term financial goals

The main reasons for choosing an adviser were;

  • Experience in financial matters that the consumer doesn’t have
  • Recommend products that they may not find on their own
  • Advisers read the fine print and notify their client of anything important
  • Introduction to good ideas they may not have thought of
  • Education about financial matters

On the flip side, reasons for those who may not or don’t see an adviser;

  • Too expensive
  • Their circumstances are too limited for it to be worth getting advice
  • Like to manage themselves
  • Don’t trust
  • Don’t see value

None of this is new to you I’m sure. What is important is the future work ASIC will undertake as a result of this preliminary research. The intention is to conduct a larger research project to find out if consumers have unmet advice needs (we all know they do in some shape or form), an environmental scan of the financial advice industry, any gaps between supply and demand for advice and what may be required to reduce these gaps (should they exist). On the surface, these are good questions to ask and the right research to conduct because we are asking consumers to share how they feel about their financial circumstances, what keeps them awake at night and for those who have an adviser, the difference it’s made to their financial wellbeing.

I’m giving you one side of the report, I would recommend you read it in full. However, here’s one response as to the benefit of receiving advice; ‘I think it could give us a lot of security and a sense of just being in a good place with knowledge about what we could do…’ (female respondent, 46 – 60 years)

Regards,

Annick

 

 

Key news items

Investment Services

CLICK HERE for details of the research, investment consulting and portfolio implementation update.

FASEA News

CLICK HERE for an update on the next round of exams.

Revenue Services

The next revenue payrun will be processed on 1 October. 
OPEX has written handy guides for Madison users, available through Zen desk and the below links;
CommPay Reporting
Lodging and receipting an invoice.
Invoice Tracking Template
Xplan Navigation
Power BI webinar recording
Setting up referral arrangements in CommPay

CommPay and revenue queries – ATTN: Brokerage
[email protected]

News and Events from our Industry

CLICK HERE for more information about MLC Insurance ending the Digital Application Reward.

PI Renewal – Important

If you haven’t yet responded to the survey please complete by no later than COB 10 October. CLICK HERE.

 

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Dashboard » News » October 9 News

October 9 News

In August, ASIC released Report 627 Financial advice: What consumers really think. The research included participants with various attitudes towards their financial circumstances, advice (either from a financial adviser or other source) and those who don’t receive advice at all. As you may expect, there are a few interesting results. These range from extremely positive to seeing no benefit at all receiving financial advice (this is not new news). As I read through the report, these findings stood out;

Australians who had recently received financial advice tended to have higher household incomes and were more likely to be university educated than the overall Australian population. They also tended to be closer to retirement age and were interested in economic trends and set long-term financial goals

The main reasons for choosing an adviser were;

  • Experience in financial matters that the consumer doesn’t have
  • Recommend products that they may not find on their own
  • Advisers read the fine print and notify their client of anything important
  • Introduction to good ideas they may not have thought of
  • Education about financial matters

On the flip side, reasons for those who may not or don’t see an adviser;

  • Too expensive
  • Their circumstances are too limited for it to be worth getting advice
  • Like to manage themselves
  • Don’t trust
  • Don’t see value

None of this is new to you I’m sure. What is important is the future work ASIC will undertake as a result of this preliminary research. The intention is to conduct a larger research project to find out if consumers have unmet advice needs (we all know they do in some shape or form), an environmental scan of the financial advice industry, any gaps between supply and demand for advice and what may be required to reduce these gaps (should they exist). On the surface, these are good questions to ask and the right research to conduct because we are asking consumers to share how they feel about their financial circumstances, what keeps them awake at night and for those who have an adviser, the difference it’s made to their financial wellbeing.

I’m giving you one side of the report, I would recommend you read it in full. However, here’s one response as to the benefit of receiving advice; ‘I think it could give us a lot of security and a sense of just being in a good place with knowledge about what we could do…’ (female respondent, 46 – 60 years)

Regards,

Annick

 

 

Key news items

Investment Services

CLICK HERE for details of the research, investment consulting and portfolio implementation update.

FASEA News

CLICK HERE for an update on the next round of exams.

Revenue Services

The next revenue payrun will be processed on 1 October. 
OPEX has written handy guides for Madison users, available through Zen desk and the below links;
CommPay Reporting
Lodging and receipting an invoice.
Invoice Tracking Template
Xplan Navigation
Power BI webinar recording
Setting up referral arrangements in CommPay

CommPay and revenue queries – ATTN: Brokerage
[email protected]

News and Events from our Industry

CLICK HERE for more information about MLC Insurance ending the Digital Application Reward.

PI Renewal – Important

If you haven’t yet responded to the survey please complete by no later than COB 10 October. CLICK HERE.

 

Go Back