Australian Advisors and their Clients

Date: 2016-02

In recent years, the financial advisor market in Australia has been mainly focused on adapting to new regulations, with customer retention and acquisition suffering as a result. With key elements of the FOFA regulations largely bedded in among advisors, they can now focus again on growing the customer base. However sustainable growth in the client base will only be achieved by effective targeting of the client base based on customers’ financial goals and circumstances.

Key Findings
– Independent financial advisors (IFAs) still rank as the leading outlet for Australians receiving advice with a 34% share of the market.

– The growing popularity of self-managed superannuation funds has supported the renewed growth in the number of Australians with ongoing financial advice.

– Growing affluence and an aging population have supported the growth of advisors’ client base.

– Older affluent men remain the largest demographic among advisors’ client bases, with all other demographics having lower penetration despite a greater willingness to seek financial advice.

Verdict Financial’s “Australian Advisors and their Clients” examines the current advisor client, identifying key demographics and behaviors that can be used to more effectively target and service these Australians, improving customer satisfaction and client retention. Prospective clients are also analyzed sizing the potential market and the strategies necessary to grow the customer base. Analyzes the financial goals and life events that lead Australians to consult with financial advisors

– Identifies key customer demographics within the financial advisor client base

– Examines the prospecting strategies of the financial advisor client base

– Explores the impact self-directing has had on the advisor base and how advisors can reach out to these investors

– Analyzes the potential for greater use of digital channels in the advisory process

Reasons To Buy
– Understand the key demographics in the Australian client base

– Understand the looming threats to the IFA channel

– Learn how successful IFAs are targeting clients based on life stages rather than product pushing

– Gain an insight into the impact of digital channels on the advisor client base”


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