ANZ Wealth moves to meet scaled advice demand
ANZ-aligned dealer group RI Advice has launched new cash flow management software which CEO Darren Whereat believes could provide a solution to servicing lower net worth clients.
“We were finding as we spoke to a lot of advisers that clients really wanted some guidance around cash flow management,” RI Advice chief executive Darren Whereat told ifa.
“It's a cornerstone of any good financial planning, understanding people's ins and outs.”
Mr Whereat suggested it would allow advisers to cater to people seeking scaled advice for basic money management services, before upgrading to becoming comprehensive advice clients.
“We can show them how they can better manage their money and I think that's a great start for people in the financial planning process,” he said.
“We don't have to go straight to full financial planning - there are steps along the way and we're certainly finding people open to and very receptive to a conversation around cash flow management.”
In particular, Mr Whereat believes the program may appeal to clients with lower incomes.
“What we've found is an unmet need, right across the demographics, for people with not a lot of money at their disposal now. They are just really wanting to get a handle on their finances,” he said.
“This software enables the adviser to have that conversation.”
Mr Whereat suggested that while advisers would consider a number of factors when choosing a dealer group, the availability of the cash flow management system could be influential.
“Having a cash flow management solution can't hurt when we're having discussions about people joining RI,” he said.
“It's generally available to everyone within our network.”