Securing the
Future of Advice

The financial advice industry is in a period of transformation. As the world grapples with rapid technological advancements, demographic shifts, evolving consumer expectations and selective frugality in some areas the landscape of financial advice is challenging. Yet it is also bursting with opportunities: as a wave of experienced advisers approach retirement, and the much-touted inter-generational wealth transfer moves into full swing, the need – and demand – for advice continues to grow.

A stubborn ‘advice gap’ persists, but that is an opportunity. Management consulting firm OliverWyman estimates that only 1 in 10 Australians have received advice, with just under $1 trillion in assets under advice. However, approximately $3.6 trillion is non-advised, consisting largely of mass-affluent and mass market consumers. As younger people start careers and families, that figure is expected to rise.

The market in Australia is polarising into a mass-market that is looking for affordable financial advice that can best be served by AI-powered apps and simple investment products such as exchange-traded funds (ETFs), and high-touch, more wealthy customer segments that typically have more complex needs. There is growing demand for holistic financial planning, and advice market must continually navigate the regulatory reforms that are aimed at improving professionalism and consumer outcomes.

In the September edition of the INPractice Webinar, The Inside Network will explore:

• The key trends and regulatory changes shaping the future of financial advice.

• How advisers can position themselves for success in this new era by embracing innovation, expanding their skill sets, and delivering more value to their clients;

• How to build a sustainable business model, integrate technology effectively, and enhance client relationships to remain competitive; How to adapt your practice to meet evolving client needs; and

• How to attract, foster and retain the best talent to ensure the succession of your practice.

This webinar is essential for financial advisers looking to navigate the future of their profession with confidence and build a resilient, forward-thinking practice that will thrive in a changing market.