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.”
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