Get over wealth accumulation advice: EQT
Financial advisers need to move on from their traditional focus on wealth accumulation and embrace the concept of ‘advice for life’, says Equity Trustees.
“In the past, planner focus has been largely on clients’ wealth accumulation, culminating in transition to retirement and the early days of retirement, with the main aim of setting up finances to maximise income streams in retirement,” said EQT head of private wealth services Geoff Rimmer in a statement released today.
“However, it is becoming clearer that the need for financial advice will increase in retirement – especially during the later stages – resulting in the need for a lifetime of continuous advice.”
Rimmer said a commonly-heard complaint from clients was that when their advisers go into their own retirement the relationship is often terminated, and they are often forced to begin relationships with new advisers.
“The profession is slowly recognising that when a client retires there is likely to be another two or even three decades of advice needed for them, their spouse, family and other dependants,” he said.
“Clients will need different help and advice during the two key phases of their retirement –early or active retirement, and care-focused, elderly retirement – and financial advisers are well-positioned to help manage these needs.”
What does the advice practice of 2020 look like?
EXCLUSIVE A handful of leading financial advisers from across Australia reveal t...
How to launch a digital marketing strategy
Creating content and understanding SEO are increasingly becoming an essential pa...
Cashwerkz makes compliance alliance with Complii
Cash investment platform Cashwerkz has integrated its investment platform with ...