Younger Australians are increasingly turning to scaled advice for help managing their finances due to its lower costs, according to industry superannuation fund UniSuper.
In a statement, the fund said scaled advice was an “effective and simple” way for Australians to access financial advice, and pointed to the 20 per cent year-on-year growth seen by the fund’s scaled advice offer as evidence of its growing popularity.
“UniSuper, which now has $10 billion of members’ funds under advice, expects the volume of scaled advice appointments to overtake comprehensive advice appointments in 2018,” the statement said.
“The uptake is being led by younger members, proving most popular with those in their 40s wanting insight into certain aspects of their financial position to plan for the future.”
According to UniSuper executive manager for advice and employer relationships Jack McCartney, the scaled advice model has allowed more Australians to seek financial advice.
“It’s important to make advice accessible, and available through various channels, for members and their families at all life stages,” he said.
“We have invested in our service model for this reason – opening more financial planning offices and broadening our digital and online support.”
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 20 Feb 2019ASIC probe finds widespread inappropriate advice at HSBCBy James Mitchell
- 20 Feb 2019IOOF profit up, advice margins downBy Sarah Simpkins
- 20 Feb 2019SMSF accountant enters EU with ASICBy Miranda Brownlee
- 20 Feb 2019Netwealth sees silver lining in Hayne recommendationsBy James Mitchell
- 19 Feb 2019ASIC to ‘fully implement’ Hayne recommendationsBy James Mitchell
- 19 Feb 2019CFS hamstrung advisers as they left for DoverBy Adrian Flores
- view all