In a presentation at the ifa Business Strategy Day in Sydney, MLC general manager of wealth distribution, Geoff Rogers, spoke of his research done in collaboration with Investment Trends last year.
For that research, Mr Rogers interviewed a sample of more than 2,000 consumers that could be viewed as substantive enough to apply across the whole Australian population.
He found that even during the Hayne royal commission, 2.1 million adult Australians were considering getting advice in the next two years, which was up 31 per cent on 2017.
“The demand for advice is strong, but there’s a contrary trend to this as well. There are actually 1.9 million Australians getting advice right now and 200,000 of those were considering leaving their planner, in that year alone, for all sorts of reasons,” Mr Rogers said.
Mr Rogers argued that an environment exists for financial advice to thrive in Australia, pointing to the strength of the superannuation system even as it goes through a transitional period.
He said that the super system in 2017 was worth $2.3 trillion and that, in 10 years’ time, it will be worth $4.02 trillion.
“That’s just the superannuation system. That’s not all advanced, and I know that there’s a standard amount of advice that’s given outside of super as well,” Mr Rogers said.
“If we are going through a period in transition and change, we’re going so into a system that is strong.”
Well summed up WB!
hey does anyone know where terry is these days ?
please don’t blame FPA. they have been humiliated. only 2 x credits for their CFP(r) program. FASEA have just torn them to shreds. who is going to do their program now. no revenue.
all the CFP (r) are mad as hell and want their money back. they are saying this is misleading and deceptive as clearly it was not a qualification issued under the AQF framework and many believed they were doing “masters” level quals and feel ripped off.
Danfe is under pressure. what’s he going to do. his 4 p’s are his 4 f’s if he can’t have financial planning he will have 4p’s but only 3 f’s which doesn’t work
If your LinkedIn profile is correct Geoff Rogers of MLC you have no advice experience or any FP qualifications whatsoever. That right?
Have you seen the new entrant requirements? Frankly it’s easier to become a Doctor or an Astronaut. No complaints about the degree & supervision but the other hurdles when combined are just ridiculous. They’ve gone totally over board and shut the door on new entrants. The demand is there yes yes yes… but access and ability to pay. no No NO.
Insert standard clause: I blame industry associations/ FPA.
Aus Super will be very busy then!
I don’t think the demand for advice is the issue. I think it makes sense that as the population grows and as the current workforce retires and transitions into retirement, the demand should be there.
The big issue, in my humble opinion, is the right advisers providing that advice should be given to be fairly paid for that advice without every damn uneducated and uninformed politician that’s just seeking their moment in the sun; every conflicted regulator and ever media outlet out there jumping up and down about the fact we do actually get paid for the work we do.
We have enormous expenses each month, unmatched compliance and regulatory measures, a ridiculous new education regime that fails to include any common sense as well as limits on the income we’re now allowed to earn – that to be the best of my knowledge, no other industry anywhere here in Australia has.
The opportunity to serve clients and provide advice isn’t the issue….its the roadblocks advisers now have to serve those clients and provide that advice, that’s the BIG issue (IMO).
They had better hurry then.
It will be hard to find one in 2 years time.