While it is an unfolding saga that shows no signs of ending anytime soon, the pandemic has done much to demonstrate people’s need for financial advice.
Many advisers that we have been talking to, however, have been telling us that just their existing client load has kept them flat-out, with each client having their own unique circumstances that need an adviser’s time and attention.
So how we do fill the gap for getting Australians advice when the remaining advisers in the industry are already so busy? It’s not an environment where advisers can raise their prices to hire more resources, either, because fees are under more pressure than ever.
ASIC is increasing the heat on bite-sized advice and asking what’s holding it back – apart from a whole bunch of compliance and red tape, that is. There may well end up being a dedicated “bite-sized” adviser to fill this brief who will give small snippets to those who need it as a one off.
It’s really got us thinking at NMP Education: more than ever, advisers need resources they can provide to clients (and potential clients) that show other people in various financial situations who need help and how they go about getting it. In other words, getting the client ready for the kinds of things they need to think about, make decisions on, and get ready for as part of the advice experience.
We have been lucky enough to make just that kind of content over the past year. We started filming everyday Australians last year before the pandemic, and then have continued to follow their stories after COVID-19 hit. And the financial consequences have been huge.
We also got expert advisers and our Money Masters to comment on their situations, and talk about things they might need to think about before making a move and getting financial advice.
The outcome is fascinating. It is launching next Thursday, and I am very much looking forward to you seeing how COVID-19 has deeply affected Australian’s financial situation, no matter what monetary success they had before.
Anything that eases the time burden on advisers is a good thing – and good education should get peoples mindsets and their ability to action change happening more quickly, without as much time spent by an adviser explaining the whys.
There will be ways to share their stories with your clients from next Thursday – the NMPE team will show you how, via social and the site.
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