(MoneyNewsWire.Net, February 23, 2016 ) In recent years, the financial advisor market in Australia has been mainly focused on adapting to new regulations, with customer retention and acquisition suffering as a result. With key elements of the FOFA regulations largely bedded in among advisors, they can now focus again on growing the customer base. However sustainable growth in the client base will only be achieved by effective targeting of the client base based on customers' financial goals and circumstances.
Key Findings
Independent financial advisors (IFAs) still rank as the leading outlet for Australians receiving advice with a 34% share of the market. The growing popularity of self-managed superannuation funds has supported the renewed growth in the number of Australians with ongoing financial advice. Growing affluence and an aging population have supported the growth of advisors' client base. Older affluent men remain the largest demographic among advisors' client bases, with all other demographics having lower penetration despite a greater willingness to seek financial advice.
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Synopsis
Verdict Financial's "Australian Advisors and their Clients" examines the current advisor client, identifying key demographics and behaviors that can be used to more effectively target and service these Australians, improving customer satisfaction and client retention. Prospective clients are also analyzed sizing the potential market and the strategies necessary to grow the customer base. Analyzes the financial goals and life events that lead Australians to consult with financial advisors
Identifies key customer demographics within the financial advisor client base Examines the prospecting strategies of the financial advisor client base Explores the impact self-directing has had on the advisor base and how advisors can reach out to these investors Analyzes the potential for greater use of digital channels in the advisory process
Reasons To Buy
Understand the key demographics in the Australian client base Understand the looming threats to the IFA channel Learn how successful IFAs are targeting clients based on life stages rather than product pushing Gain an insight into the impact of digital channels on the advisor client base
Companies Mentioned
Commonwealth Bank NAB Westpac MLC BT Financial Yellow Brick Road Macquarie Bank Stockspot Acorns On Your Own Two Feet Advisory National Financial Advisors
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Table of Contents
Executive Summary The Australian advised client base is growing once again after sharp declines Key findings Critical success factors
The Investment Advice Market In Context The financial advisor client base has grown to 2.5 million Australians Growth in client numbers has returned following a post-FOFA dip A range of distribution channels have helped draw in new investors Shifting demographics, growing affluence, and greater use of SMSFs will drive client growth The growing number and value of SMSFs has kept the need for advice up The affluent population is growing, meaning more clients and more assets under management per client The aging of Australia means more consumers are in the retirement and pre-retirement phases Barriers to growth threaten to fundamentally change the advice market Self-directed investment platforms have never been more accessible or ubiquitous Robo-advisors are growing as a competing channel for investment advice Cost to serve has gone up as costly regulations have come into force
The Advisor Client Base In Focus Identifying the IFA client in Australia Older clients are the core of the IFA market The advised client base is skewed towards men, but women have a greater affinity for advice Mass affluent investors are a key target demographic Complex finances typically incline consumers to opt for advice, with the self-employed the leading market Understanding the drivers for seeking financial advice Big financial decisions prompt Australians to seek professional financial advice Investment managers have to compete with property as an investment choice Long-term investments are heavily weighted towards retirement goals Clients are looking to advisors to improve their strategy and offer a better range of investments Life event targeting is critical for customer outreach
How to Grow The Advisor Client Base Self-directed investors are a fertile pool for advisors to convert There is considerable scope to add new clients - provided advisors can reach out effectively Understanding why some retail investors choose to self-direct Technology has made investors content to self-direct, along with the perceived cost of financial advice Advisors need to step into the digital space and offer a compelling proposition Cheap and cheerful options such as scaled advice need to be available for marginal clients Prospecting needs to embrace the digital The same clients are still being acquired in the same they always have been Most advisors do not offer digital channels to their clients Client referrals are the primary new client pipeline, and advisors of all sizes can use social media to leverage this further Most clients are the result of referrals, making word of mouth marketing crucial
Appendix Abbreviations and acronyms Definitions Emerging affluent IFA/financial advisor Mass affluent Methodology Estimates of the number of Australians receiving financial advice Verdict Financial's 2015 IFA Survey Verdict Financial's 2015 Global Consumer Survey Bibliography Further reading About Verdict Financial Disclaimer
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