The longevity and success of any business comes down to continued market fit; an ability to understand your customers and provide solutions to their needs. Sometimes that means we have to evolve our offerings as our customers’ requirements do likewise. But it’s important to remember that change invariably presents fresh opportunities – and, right now, there are some incredibly exciting opportunities for financial advisers to tap into real and urgent consumer demand.
A survey by the University of Melbourne* asked respondents about their biggest financial regrets, and the results were incredibly interesting. Top of the list was ‘not saving enough’, followed by ‘not investing enough’, ‘not planning enough’, ‘not learning about money’, and ‘spending beyond my means’.
The critical outtake from this research is that the top five responses all have one thing in common. They all relate back to behaviours (or the lack thereof) which are known to be drivers of financial well-being^.
Further data suggests there is a real desire in the market for help with budgeting and cash-flow management, as well as financial coaching. Neither of these services would be considered mainstream elements of today’s financial advice proposition, highlighting an unmet need and an exciting growth opportunity for advisers.
Of course, it’s always important to factor in the core traits of your own unique client-base. When asked which areas they specifically wanted guidance on, Gen X, Gen Y and Gen Z all prioritised budgeting and cash-flow management, with Gen X also interested in retirement planning and Gen’s Y and Z more drawn to financial coaching.
Feedback from Baby Boomers differed, with retirement planning topping the list followed by budgeting/cashflow management and aged-care support.
The lesson for advisers? Keep asking questions, keep listening to the responses, and keep an open mind about the way you package your industry knowledge and expertise. Those that do will put themselves in a powerful position to leverage new commercial opportunities and future-proof their businesses.
Read our Financial Advice Reimagined Whitepaper to find out more.
* How Australians feel about their finances and financial services providers, C. Breidbach, C. Culnane, A. Godwin, C. Murawski & C. Sear, the University of Melbourne, Melbourne, 2019.
^ Financial Wellbeing, A Survey of Adults in Australia, April 2018, ANZ Banking Group.
