A recent survey in the UK indicated around 30% of financial advisers will be retiring before 2025, a further 1/3 will be exiting in the next 10 yrs – so 6 out of 10 will be gone in the next decade. A survey from financial advice NZ conducted in 2020 showed that just over 50% of advised Kiwis say they are at least reasonably prepared for retirement compared to 26.4% of unadvised people.
So – less financial advisers, but clearly a better result occurs as a result of financial advice.
Digital advice, advice-only advisers, and decentralised finance will help create better outcomes for consumers of financial advice…eventually. Now though, those with smaller sums to invest, often don’t receive the same level of advice or service as those with higher amounts – why? Because in most cases, the fees you pay are a % of the amount that’s being invested on your behalf. There’s a lot of work and compliance costs involved in providing personalised financial advice, so this is why it’s mostly only efficient to provide advice for those who already have wealth, not those who are at the earlier stages of accumulation.
I caught up with today’s guest Warren Couillault, from Hobson Wealth, because I wanted to learn of the innovation that’s occurred and is occurring in the financial advice space.
Regulators, industry bodies, wealth managers, KiwiSaver providers, and financial advisers – all have a part to play to ensure financial advice is delivered to more Kiwi’s, irrespective of any competing agendas. If anything takes away from this goal, you need to question why, especially considering the outcomes of receiving advice are so positive.
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