Getting good financial advice into the hands of more Australians is one of the biggest challenges facing the finance industry today.

The industry is changing and the number of financial advisers has significantly dropped, with fewer financial advisers to cater to the growing need of people who need good financial advice. In fact, numbers have dropped almost by half since 2019 when there were close to 30,000 financial advisers, and now there are less than 16,000. Those numbers continue to fall as fewer financial advisers enter the industry.

“It is a Wicked Problem, I don’t think there is any doubt around that,” FPA CEO Sarah Abood says on the program. “Right now, we don’t have many advisers and planners. In fact, the numbers have halved in the past couple of years. Things are going in the wrong direction. Demand is going up, and supply is going down,” Sarah says. While finance adviser numbers drop, the people seeking advice is growing as our ageing population gets closer to retirement age. “By 2026, according to the ABS, we’re going to have 137,000 Australians every year turning 65,” Sarah says.

Download the whitepaper to read more on:

• The adviser landscape in Australia
• The role of technology in solving the problem of access to good, affordable advice
• Financial advisers’ reactions to the program and discussion

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Digital technology embedded within the advice experience enables practices to respond to these developments, attracting and retaining more clients and setting their business up for the future.

Technology offers many benefits, whether it’s creating a more efficient business, improving the client experience, or strengthening and supporting compliance.

Digital advice technologies are now emerging to augment those benefits for both advisers and their clients.

“Streamlined technology including digital advice can help advice practices become radically efficient while creating contemporary and more scalable ways to engage with a broader set of clients,” says Midwinter Chief Commercial Officer Steve Davison.

“Digital advice technology creates a new landscape where advisers have more time to focus on what they do best, advise and serve new and existing clients and reduce time, effort and risk to manage the historical advice process. Done well this should drive business value”.

“It becomes a tool for advisers to extend their reach and relevance to more clients in a profitable way.”

The digital transformation journey comes with its own challenges, but the rewards can be substantial and will ultimately reshape how advice is delivered and experienced.

A hybrid advice model that combines the best of digital and adviser-led interactions is set to become standard. Those who fail to adopt it will be left behind.

Technology is already being used to provide advice for simple consumer needs and to support many common adviser interactions. It expands the reach of advice to new clients and leaves more time for advisers to spend on client interactions and to manage more complex financial affairs.

Our white paper ‘Digital is reshaping advice: embrace the benefits’ provides a guide for how advice practices can accelerate their digital transformation journey.

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Since 2002, Business Health has released a series of whitepapers providing comprehensive insight into the health of the Australian financial advice industry and its preparedness for the future. These papers have become known as the Business Health Future Ready report.

Midwinter Financial Services is proud to have partnered with Business Health as the sponsor for their Future Ready IX report.

The data and insight presented in this report was drawn from the detailed results of over 200 advice businesses that have taken the Business Health HealthCheck since the time the previous report was published in January 2020. While most of these advice businesses offer a holistic range of advice solutions across wealth accumulation, protection and retirement planning, there are also niche, or specialist businesses represented. They include a diverse mix of AFSL holders ranging from the large institutionally aligned groups through to boutique, self-licensed practices.

This enables a truly multifaceted picture of today’s marketplace that is unique in the Australian advice community and exclusive to Business Health.

As a provider of innovative financial advice technology, Midwinter strives to help Australian advice businesses succeed and improve access to professional advice for more Australians. We have sponsored the Business Health Future Ready IX report to offer this valuable insight to advice businesses who are looking for new ways to grow and improve the profitability of their business.

We hope you find the Future Ready IX Report of interest and value, and we look forward to exploring in more detail how we can support your business.

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As the industry has restructured, many advisers have left the umbrella of big institutions, often choosing to set up their own small independent practices.  

This gives them greater control over their business but also leaves them with a challenge – how to develop a framework and support model for your business as it scales while continuing to offer quality advice. 

Creating a more efficient advice practice is crucial for long-term value and technology is a key part of the equation. 

Our free eBook ‘How to choose the right advice software for your practice’ provides a framework to help Advisers and Practice Owners review their advice technology requirements so they can select the software that is best suited to their needs.

Click here to get your copy of the eBook.

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