In the post-GFC environment where decisions regarding creation and protection of wealth are increasingly critical it is surprising to note that only one in five individuals have used a financial advisor. Future of Financial Advice (FOFA) reforms have defined a new playing field for the wealth management industry, giving rise to an informed and increasingly ‘self-directed’ consumer.
Financial institutions need to evolve their business models to deliver digital offerings and services that will meet consumer needs for advice, transparency and trust. In turn, this could potentially lead to an increased uptake in advisor services, with consumers benefitting from wealth solutions aligned to their personal needs and life stage.
As highlighted in our infographic below, ‘savvy customers, sophisticated new entrants and the thirst for knowledge’ is driving the need for digital financial services.