No one is asking the big question…

If between 7,000 and 12,500 advisers choose to leave the profession or retire in the next couple of years then...

Who’s going to provide advice and guidance to ordinary Australians?

Advisers consider the next chapter - Professional Planner

Let’s look at the facts:

1.    Most Australians have some level of savings – but not enough.

2.    Most Australians have some level of insurance – but not enough.

3.    Very few Australians get financial advice - but most need it!

Who is going to help you, your neighbours or your kids make better decisions around how to pay off debt, save for major life events, counter significant life risks or retire in comfort?

At Ignition, we see a huge opportunity for the large financial services companies we know and trust to step in, step up, and provide help, guidance and advice to ordinary Australians. We are helping large companies offshore to do this right now, and can see the value a point solution could have to everyday Aussies.

Our data clearly shows that every day, retail customers, if given the opportunity to consume high-quality personal financial advice digitally, embrace it. Our qualitative research supports our data:

1.    Customers feel empowered as they are in the driver’s seat.

2.    Customers feel valued when their personal information is being used to deliver a helpful and personalised suggestions.

3.    Customers feel safe as they can opt-in to as much or as little of the advice experience as they are comfortable with at any time.

Whilst some advisers and organisations were called out on dishonest behaviour, most advisers care deeply for their clients, and always do right by them. Unfortunately, there are not enough hours in the day for these advisers to help all Australians that need and can benefit from financial advice. Adding to this, the current model for offering and delivering financial advice is inefficient and labour intensive, making it very costly, leaving us with a situation where only the top 10% of Australians can access and pay for financial advice.

Customer facing technology is a key element of the solution. We see dozens of technology companies focussed on designing solutions to save advisers some time, but few are focussed on how to make advice available for everyone.

At Ignition this is our motto – “Advice for Everyone”.

The market is moving, a clear sign is Ignition’s growing list of tier 1 institutions that believe: quality financial advice can make a difference to their customers, technology is critical to sustainable advice delivery and making a start is better than waiting for a perfect model or moment.

If you would like to know more about how Ignition is working with leading banks, asset managers, insurers and superfunds, we would be delighted to share our work and our story with you. 

Just click the link below...