2024 Advisable Australian trends report
Understanding Australian advice clients better
Evolve your client value proposition using a research led & data driven approach
Download the special report now
Overview
What’s driving client satisfaction for the Advisable Australian?
Explore the changing wealth needs of Australians aged 18+, the expectations they have towards their financial advice relationship, and what will keep them happy.
Using data collected from the last 3 years of our extensive Advisable Australian research, we to try understand the expectations clients have from their financial adviser, and how these have evolved over time.
Understand what's important to your clients:
- Breadth of the service: What services should you look to offer beyond investment advice? What types of investments do my clients want? How important are responsible investment options?
- Client experience and service: When do advice clients desire a digital experience vs. in-person engagement? And how does that change as the relationship evolves? Does age matter?
- Digital and technology capabilities: How tech-savvy is my target market and what digital wealth services do they want? What features should my client portal have?
- Being an educator: Do my clients prefer a financial advice coach, or would they prefer to outsource their finances entirely? Where do my clients typically find information and advice about investing, am I providing this information effectively?
- Social/economic impact: Do firms need to promote their social and community credentials? How do we showcase our advice firm's values effectively?
- A segmentation framework: In this report, we have also developed a framework for different client segments to help you understand the nuanced needs and expectations of your client base.
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Download this data-driven trends report to better tailor your value proposition to the needs of your clients.
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Key insights
Understanding what's important to advised clients
The nuanced expectations of advised clients demonstrates the personalised nature of financial advice. The statistics below highlight some insights from the report. Download the research for a further deep dive.
Alternative investment demand is on the rise
There is an increasing interest among advised clients to invest in alternative assets. For example; Investment in cryptocurrencies (quadrupled since 2020), commodities (up to 16% from 9% in 2020) and gold (up 18% from 11% in 2021) has risen sharply, but few advice firms manage these assets for clients.
Advice clients seek to maximise their investments impact
Sustainable investment options are becoming more important for advice clients, as they seek to maximise the impact of their investments. More than half (52%) say they have responsible investments in their portfolios.
Advisable Australians consider themselves tech savvy
Most Australians, even those who are older, are comfortable with technology, especially wealth-related technology. In fact, about one in three (35%) of individuals under advice consider themselves as ‘early adopters’ and always see themselves as one of the first to try new technologies.
Value goes beyond the price paid for advice
While it is challenging for an advice firm to accommodate all pricing models, it is important to regularly review and ensure that the chosen model aligns with clients' needs. In fact, 66% of clients prefer to pay a flat fee for advice, while 26% prefer a percentage-based fee-for-service model.
The greatest users of advice are not who you think
Surprisingly, Gen Y, aged between 28-42 years, are more likely to receive advice today or use advisers when needed. This is significant, as Gen Y represents the largest generation of Australians aged 18+, making up 32% of the population.
Clients either want a financial coach or to outsource finances entirely
Clients either they want a financial coach to guide them, or they prefer to fully outsource their finances to a financial planner. In fact, 55% of advised clients choose to rely on a financial planner for comprehensive management and decision-making support.
Watch the presentation: What Australians want from their advice relationship
In this presentation, we delve into Netwealth's Advisable Australian research, where we decipher the key factors contributing to client satisfaction. We explore different segments, examining their digital preferences, value considerations, and service needs to gain insights into their evolving expectations. Our focus is on ease and efficiency, which means we give you and your clients enormous capabilities without the complexity.