Having analysed the latest federal Census data, Netwealth has identified same-sex couples and married couples without children as growth markets for financial advice.
In an article published on its website, platform provider Netwealth says financial advisers should be ensuring their marketing and client focus adapt with general trends in demography and the Australian community.
“The 2016 Census findings show that the number of same sex couples has increased by 39% to 46,800 couples since the 2011 Census. And while the number of male and female same-sex couples is roughly equal, female couples were five times more likely to have children,” the article explains.
“Reflecting on the 2011 Census results that indicated same-sex couples tend to be younger, more educated, employed in higher-status occupations and have higher incomes, it can by hypothesized that the upcoming 2016 Census data releases will show similar findings.”
Commenting on the finding, financial adviser John Forwood of Forwood Planning said this is a strong potential growth area for financial advisers as well as the trend towards a higher number of couples without children.
“Childless couples have greater disposable income, and do focus on shorter term goals including holidays and other leisure based purchases,” he said.
However, the article also makes clear that “the traditional family unit remains the norm”.
“The 2016 census indicates that the traditional family unit remains relatively unchanged from 2011 and continues to be dominated by couples,” it said.
“Forty-eight percent of the population is married and 37.8 per cent couples are childless.”
Several firms have been impacted by the corporate regulator’s action.
Super funds must now have a retirement income strategy in place.
Vanguard has called for a complete overhaul of the advice industry.
Get the latest news! Subscribe to the ifa bulletin
Get notifications in real time and stay up to date with content that matters to you.