The golden age of advice is upon us
Best-in-class technology has created an entirely new client experience – one that’s more dynamic, builds enduring adviser relationships, and showcases the value of financial advice.
It’s no secret financial advice has been inaccessible and under-utilised in recent years. Statistics from the Association of Superannuation Funds of Australia (ASFA) indicate around half of consumers have never received advice, against the backdrop of years of growing cost-of-living pressures and an ageing workforce.
Thankfully, the tide is turning and the factors that have historically made advice hard to access or unappealing to consumers are being relegated to the past. We are now entering the golden age of advice – an age where advisers will be able to reach more Australians in a more impactful way. We detail these themes in our whitepaper Advice, Evolved: A new era in Australian financial advice, which was the product of a roundtable featuring expert views from across the advice spectrum.
Through technology, advice is becoming more intuitive, engaging and targeted to the unique needs of younger generations. Here’s what the golden age of advice looks like.
1. Superior, real-time wealth insights
Today’s consumers are increasingly expecting on-demand access to the information they engage with. Think of social media and streaming: people tap in and out at a time that’s convenient and primarily engage with the parts that interest them most. These models build loyalty due to the reliability of the experience. Over time, people may choose to engage more because they become confident and trust the process or platform.
The same can be said for client portals, a key pillar of the golden age of advice. Clients can access their portal at a time of their choosing, building trust and engagement. The tailored nature of the content on their portal also delivers a personalised experience.
2. Closer bonds between adviser and client
In the golden age of advice, connection is everything. Technology is deepening the human connection, allowing advisers to stay closer to their clients’ needs, while strengthening trust, increasing retention and positioning the adviser as true partner in the client’s journey. Technological tools are enabling this by making it easier for advisers to engage with their clients about what matters most. For example, through the intelliflo-integrated AI note-taking platform Paradino, advisers can be more present with their clients, with meeting notes taken care of.
Similarly, portals allow clients to take ownership of their wealth journey, engage more frequently with their money habits and to develop a “behind-the-scenes” appreciation of the work their adviser is doing.
3. The power to change outcomes – sooner
In the golden age of advice, new tools can show clients the power of habit change at key life moments, such as when they get married, have a child or buy a home. A key example is cashflow modelling, which allows clients to visualise the impact small changes at important milestones would make to their overall wealth picture. Given cashflow modelling is now live and dynamic, it can be a lot more motivating than a static chart. Again, it shows off the value of advice and having an enduring relationship with a professional adviser.
4. Data mastery
In the golden age of advice, advisers will rely on a single source of truth to guide their decisions, processes and client experience. Data mastery is fundamental to making this happen. With tools like BI dashboards, firms can turn real-time data into actionable insights, offering visibility across client relationships, business performance and operational efficiency.
The golden age of advice isn’t just a future concept – it’s happening now. You can read more about it in our whitepaper Advice, evolved: A new era in Australian financial advice.