The number of people who plan to use a financial adviser numbers over 10 million, with more than half wanting to engage with a practitioner for one-off, issue-specific advice, according to Investment Trends research.
In its recently released “2024 Australian Financial Advice Report”, the research firm found that in total 16.4 million Australians wanted help or guidance on finance-related matters and of that number 10.2 million planned to see a financial adviser.
A further 4.9 million people were unlikely to see an adviser despite having unmet advice needs, according to the report, which was based on a quantitative online survey conducted from July to August of 6500 Australian adults.
The 17th edition of the report indicated the areas where support was most needed included ensuring adequate retirement income, developing investment strategies, tax planning and navigating the purchase of a home.
Investment Trends research director Olivia Beringer said the large group of people who preferred one-off episodic advice was consistent with the Quality of Advice Review’s call for flexible and accessible models.
“It is abundantly clear that episodic financial advice – tailored to fit budgets and life circumstances – is what Australians want,” Beringer said.
“Customers are calling for it and organisations will be able to meet consumer needs through evolving business models. Once legislation is finalised, this will benefit all Australians.
“Our data highlights a clear opportunity to inject greater flexibility into the industry, enabling organisations to offer targeted services that directly address consumer needs.”