Why we must be optimistic about the barriers to advice

Advisers are used to hearing concerns about cost, eligibility or value in everyday conversations, and those objections may feel discouraging at times, to the point it can feel like they define the market. But new research suggests there are several reasons to be more optimistic about Australians wanting to seek advice.

Advisers and clients see the world differently, but there’s common ground

The Russell Investments 2025 Value of an Adviser report, based on surveys of nearly 900 advisers and investors, shows advisers and clients see barriers very differently. From the advisers’ perspective, half believe eligibility stops investors from seeking advice. From the client side, only 6 percent of unadvised investors actually feel this way.

Similarly, 72 per cent of advisers think value is a major deterrent, yet just 30 per cent of unadvised investors say it holds them back. It is imperative advisers move beyond embedded industry perceptions to really understand what exactly might be keeping a prospective client from receiving advice.

Our research also shows that people who already work with an adviser are overwhelmingly satisfied with the value they receive – 84 per cent rate their adviser as good or excellent value for money. This highlights that while advisers may perceive resistance, the lived experience of both advised clients and most unadvised investors, when it comes to value, is overwhelmingly positive.

When regret rebuilds confidence

Some Australians look back with regret at not seeking advice sooner. One investor reflected, “I regretted not doing it years earlier. It would have focused me earlier on increasing my super balance even more.” Another told us, “I feel like my financial position isn’t optimised [yet].” These experiences reveal that advice creates conditions for people to act with confidence, both in seizing current opportunities and in planning for the future.

The appetite for advice is real. Close to half of unadvised investors intend to seek advice in the future, and one in six already regret the amount of time they’ve spent delaying it. Intent is especially strong among younger Australians: 63 per cent of Gen Z and 56 per cent of Millennials say they are very or extremely likely to engage an adviser.

This intent is reflected among women as well, with 52 per cent saying they are very likely to seek advice compared to 38 per cent of men. For many in these groups, taking the next step to speak with an adviser isn’t far off, with most expecting to seek advice within the next one-to-two years.

Your perspective is valid, and so is your client’s

As we pointed out earlier, advisers view the world differently. They hear objections daily, then there is the relentless media barrage of advisers all being hit with the same tar brush, and over time it is natural to interpret these issues as widespread. Investors and clients, when surveyed, are reflecting only on their own personal circumstances. Both perspectives are valid.

What the research shows is that while barriers exist, they may not be as deeply entrenched as adviser experience suggests.
For the profession, this is encouraging news. Unadvised investors are not avoiding advice. Many are simply waiting for the right time, the right offer or the right approach. Advisers who remain optimistic, reframe their contact, emphasise accessibility and demonstrate the practical benefits of advice may be able to connect best with this ready audience.

Practical steps include:

• Engage future clients now. Nearly half of unadvised investors expect to seek advice within two years. With women and younger investors are showing the most enthusiasm, there is an opportunity to design messages and offerings that speak more specifically to their needs.
• Lead with accessibility. With only six per cent of non-advised investors believing they do not qualify for advice, the real perception is that advice is broadly accessible and not just for the ultra wealthy. The opportunity now is less about proving eligibility and more about reinforcing advice as relevant at every stage of the financial journey.
• Turn intent into trust. Non-advised investors, especially Gen Z, have low financial confidence but show strong intent to seek advice. Advisers who position advice as a long-term relationship that builds confidence and literacy, and even involve children in family conversations, may capture financial interest early and deepen trust across generations.

The financial advice profession has faced regulatory change, shifting expectations and complex markets. Yet the evidence shows that investors are not closing the door. While barriers may seem common in day-to-day conversations, they are not universal. Advisers who recalibrate assumptions and connect in ways that reach people at scale have a real opportunity.

Whether it’s hosting webinars or local education events that demystify common barriers, sending tailored newsletters or offering simple online tools that demonstrate the benefits of advice, advisers can show value early and consistently while keeping the conversation personal.

With demand building, especially among younger Australians and women, advisers who engage now are well-placed to capture interest and strengthen financial security for more clients.

Neil Rogan, managing director, head of distribution Australia and New Zealand, Russell Investments.