Rethinking Financial Advice: The Shift to Episodic Engagement

2

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

The 2024 edition of the Australian Financial Advice Report, spearheaded by Investment Trends, uncovers pivotal insights into consumer preferences. Out of the 21 million Australian adults assessed, nearly half-about 10.2 million-express their intent to consult financial advisors. Among them, the demand for episodic, issue-specific advice is on the rise, highlighting the importance of accessible and affordable financial counsel.

Interestingly, 22 percent of individuals (having no immediate plan to engage advisors and seemingly content with their current financial management), coexist with a significant 23 percent who face unresolved financial issues but are similarly not considering advice. In stark contrast, 1.5 million individuals currently receiving financial guidance reveal that more than 85 percent still encounter unmet advisory needs.

The widespread need for assistance spans various financial concerns. An impressive 16.4 million Australians voiced their interests in specific areas such as retirement finances (30 percent), structuring investments (30 percent), navigating tax concerns (27 percent), and home purchase strategies (25 percent).

As determined from the study, Australians value episodic financial advice, predominantly because it bears lower costs compared to comprehensive financial advisory services. Notably, financial guidance regarding inheritance and estate planning, home acquisition, and retirement strategies are top areas Aussies are willing to invest in, occasionally exceeding figures like $1,690, $1,270, and $970 respectively, for direct human advisory.

Olivia Beringer, Research Director at Investment Trends, underscores the shift, explaining: "It is abundantly clear that episodic financial advice-tailored to fit budgets and life circumstances-is what Australians want." She adds that as organizations adapt to this demand through innovative business strategies, the legislative alignment anticipated would further support this framework.

Moreover, Beringer highlights the crucial transition: "Australians are demanding advice that is both affordable and available when they need it. Our data highlights a clear opportunity to inject greater flexibility into the industry, enabling organisations to offer targeted services that directly address consumer needs."

This research further fortifies the concept of personalized financial planning, catering to unique life events instead of ongoing advisory relationships, as the newfound norm in the sector. The original insights and data were derived from the Australian Financial Advice Report presented by Investment Trends, which casts a spotlight on these evolving client paradigms.

Published:Monday, 9th Dec 2024
Source: Paige Estritori

Please Note: If this information affects you, seek advice from a licensed professional.

Share this news item:

Finance News

Clear

Markel Insurance Expands into Australian Marine Market with New Leadership

29 Dec 2025: Paige Estritori

Markel Insurance has announced the appointment of Tim Wills as Head of Marine for Australia, marking a significant expansion into the country's marine insurance sector. Based in Sydney, Wills will spearhead the introduction of Markel's marine products, starting with marine cargo coverage. This move represents the company's first foray into the Australian market beyond its existing long-tail lines established two years prior. - read more

Pelagic Risk Services Strengthens Commitment to Australian Marinas

29 Dec 2025: Paige Estritori

Pelagic Risk Services, a specialist marine insurance broker, has announced an increased commitment to the Australian marina industry by upgrading its sponsorship of the Marina Industries Association (MIA) from Silver to Gold. This enhanced partnership underscores Pelagic's dedication to supporting marinas across the nation. - read more

Marinex Underwriting Debuts in Australian Marine Insurance Sector

29 Dec 2025: Paige Estritori

Rhodian Group has announced the launch of Marinex Underwriting, a new marine underwriting agency set to address complex marine insurance needs across the Australian market. Backed by global specialty insurance distributor Amwins, Marinex is co-founded by industry veterans Janelle Karnib, Chris Kelly, and Ainsley Smith. - read more

Introducing Marinex Underwriting: A New Era in Australian Marine Insurance

21 Dec 2025: Paige Estritori

Australia's marine insurance landscape has welcomed a significant new player with the launch of Marinex Underwriting. This specialised marine underwriting agency aims to address the complex insurance needs of the Australian marine sector, offering tailored solutions backed by global specialty insurance distributor Amwins. - read more

GT Insurance: Navigating Trade Challenges with Flexible Marine Insurance Solutions

21 Dec 2025: Paige Estritori

In response to recent shifts in global trade dynamics, GT Insurance is reaffirming its commitment to supporting Australian marine clients navigating these challenges. The imposition of US tariffs-25% on Australian steel and aluminium, and 10% on other exported goods-has introduced new uncertainties for local exporters, particularly in sectors like beef and bulk freight. These tariffs, effective from April 5, 2025, have prompted concerns about declining export volumes and reduced freight margins. - read more

Click for more Finance News