With only one out of every five Australians seeking advice, there is certainly much room to grow our advice industry and help Australians prosper. Unfortunately, well publicised failures and advertising from the industry fund sector have dented public confidence.
While bodies like the FPA have responded with the likes of their ‘professionalism’ campaign on TV, there has yet to be a real groundswell to consumers understanding the value of and actively seeking advice. This will only change if a concerted effort is made by the entire industry, rather than individual stakeholders and separate brands all promoting their own product.
A recent SPAA survey indicated that consumers see advice on their self-managed super funds as coming from three main sources: their adviser, accountant and lawyer. They did not differentiate who gave what kind of advice.
A collective effort to educate consumers would greatly increase the uptake of good financial advice, and ultimately the financial products that often lie behind advice.
We have joined forces with the AFA to create “Your Best Interests”. This is an above-the-line media property with high entertainment values that follows the lives of real Australians in various financial and life scenarios. In each of these stories, a trusted adviser enters their lives and proceeds to make an enormous difference – not only to their finances but to their overall happiness levels.
This show is to be aired on network TV, and will be supported by an information-rich site which will also provide access to advisers in locations around Australia. The content will be regularly updated, and encourage communication and conversations between consumers and advisers in an open and transparent environment.
As I noted in last week’s blog, we are partnering with some of the best industry associations and corporate organisations in the country to meet the 10-year challenge for the advice industry in Australia. Your Best Interests is just one example of how we can collaborate, educate consumers about the value of financial planning and increase the uptake of advice among Australians.
