Wealth Know How general manager Fiona Parker said a large portion of clients do not understand the basic value that financial advisers can offer.
“Consumers are telling us they want the role of planners demystified so they can better understand how even the basic problems and investment strategies will be addressed,” Ms Parker said.
“It is clear from recent research by the Financial Services Council that people who get financial advice get real value from it so it is important that it is made more accessible,” she said.
Ms Parker also said Wealth Know How’s ‘Why get financial advice’ video content series explains the role of a financial adviser and breaks down what services they can offer.
“The videos highlight how planners help you minimise tax, how you qualify for government benefits, deal with Centrelink or retirement transition as well as providing specific knowledge to deliver financial success,” Ms Parker said.
“Another good reason for getting good advice is that people with a financial plan in place are happier because they are much more likely to understand and be in control of their future.”
“Good financial advice can give you confidence that your future plans are achievable, and that can’t be underestimated in terms of freedom from worry,” she said.
Instreet Investment is the major shareholder in Wealth Know How.
TD – SPOT ON! Said very well.
All of my clients know what I do, what value it provides them and what they pay and are very happy with the equation. With only around 15,000 advisers, we couldn’t help everyone anyway, so I’m happy to deal with those who want to be engaged. I never have and never will try to be everything to everyone.
Isn’t it funny that many have done their level best to demonise the industry, drowned out as best they can the positives we bring, yet our ‘real’ clients are happy with us and enjoy better outcomes, lifestyle and are every bit demystified. Yet its our fault non clients or that fabulous catch all ‘consumer’ don’t understand what we do. Is this a twilight zone moment or what. The same ‘consumer’ is the ones that is surveyed on advice yet never seek any. We shouldn’t be shaping our services and advice offerings for people who will never participate anyway. Give us a break!
I’m pretty confident that getting rid of 60 page SOAs for small investments and small life policies, getting rid of FDS and opt-in and countless other regulatory attacks would further aid in “demystifying” and “demythdefying” advice.