A recent survey examining the attitudes of financial advisers has revealed a significant majority find servicing clients increasingly complex and see a need for more specialists to meet consumers’ rising demands.
The “Adviser Sentiment Poll”, which was conducted by Viridian Advisory and surveyed over 50 financial advisers, found 93 per cent believe the skill set needed to provide advice has become more complex over the past five years.
Additionally, 79 per cent feel access to specialists in areas such as tax, estate planning, superannuation and aged care is essential in today’s advice landscape, while 72 per cent of those surveyed preferred collaborating with specialists in areas outside of their expertise when they did not possess the necessary skill set to service their clients.
Viridian Advisory co-founder and advice general manager Brett Arnol noted the results indicated a growing opportunity for prospective specialists and highlighted the reality of a current shortage of such practitioners in the industry.
“These days, access to specialists isn’t a nice-to-have – it’s an absolute must. Clients face increasingly complex financial challenges, from tax and estate planning to navigate divorce and aged care,” Arnol said.
“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.”
The survey also highlighted clients’ growing concerns about data security, with 86 per cent of advisers observing heightened awareness around the need for data protection.
“With evolving technologies and tighter regulations, data protection has become non-negotiable,” Viridian Financial Group joint chief executive Raamy Shahien said.
The findings follow discussions at the 2024 Stockbrokers and Investment Advisers Association Conference where superannuation industry experts noted introducing a qualified adviser practitioner class, as proposed in Treasury financial advice reforms, could potentially expand the pool of specialists working in the industry.
