Purposeful partnerships for a new age of advice
In my latest article, Weathering the regulatory storm, I outlined why the need for financial advice had never been greater. That was before the coronavirus pandemic sent the world into lockdown, disrupted markets and created all kinds of economic and social uncertainty.
The value of advice at times like this cannot be underestimated. Advisers are expertly positioned to take on the role of educators, siphoning the noise in the market and deciphering what it means for an individual’s circumstances. When taking this approach, it is of little wonder people who receive financial advice tend to fare better and make less risky decisions.
As we emerge from lockdown and restrictions are relaxed the opportunity for innovation and optimism are endless – particularly in the advice industry which was already undergoing resuscitative change.
In the last two months we have seen advisers take the lead in driving much-needed cultural change in our sector, in light of a pause on regulation. And, with demand for services surging as consumers seek to navigate unprecedented volatility, sentiment within the industry is lifting as the positives of successfully guiding consumers through a crisis outweighs heavy scrutiny of the Royal Commission.
At Australian Unity, our purpose is to promote the wellbeing of our members, customers, and the broader community. It’s why our advice business is taking practical steps to partner with organisations to make financial wellbeing a reality for more Australians.
We understand financial wellbeing requires a holistic approach and that good financial health doesn’t just happen. It comes from well informed, proactive decisions taken across all aspects of our lives. It’s all encompassing, and it includes the decisions we make around home ownership, family budgeting, insurance, banking, caring for our older family members, long-term investing, retirement planning, and business and estate planning.
It’s why we are also actively pursuing partnerships with organisations beyond traditional financial advisers. We know that many lawyers, accountants and business advisers provide services that intersect with the advice that we give. And so, we are seeking to connect with those who are aligned with our values, and can bring something to the table to support our clients’ financial wellbeing.
Few things have the potential to shape our lives like money, and few are more personal. At Australian Unity we believe in the importance of investing the time to understand every individual’s unique financial and lifestyle goals.
If you, or your organisation, shares in our mission to safeguard Australians’ financial wellbeing and would like to partner with us in making it a reality – I’d love to hear from you.