Independent financial advisers will likely benefit by focusing their efforts chiefly on high-net-worth clients, according to a technology provider servicing super funds.
Speaking to ifa, SuperEd chairman and co-founder Jeremy Duffield said focusing on high-net-worth clients and allowing super funds and digital advice channels to service other Australians was a practical way to increase access to advice.
“I think that is a very definite way in which the sector could move,” he said.
At present, Mr Duffield noted, 80 per cent of Australians are entering retirement without seeking the help of an adviser despite the immense value advice can offer.
When asked whether he agreed with Sentry head of advice Daniel Parry that advisers should focus on wealthy clients, Mr Duffield said this was a “positive model” for the industry.
“I don’t see any threat in that, I see only positives,” he said.
“The fact is that providing traditional advice is expensive, and people with a higher net-worth have more complex circumstances that are less suitable to be addressed by technology. Independent advisers who are highly skilled will find a very strong market in the high-net-wealth segment and get well paid for it.”
The former financial services minister says Michelle Levy’s final report was a “breath of fresh air” that could improve ...
The AIOFP says advisers need to urge their clients to put pressure on the government regarding the continuously ...
On the back of concerns that the first DBFO bill will require stricter SOA checking from super fund trustees, the ...
Never miss the stories that impact the industry.
Get the latest news! Subscribe to the ifa bulletin