The growing need for advice

There has never been a greater need for financial advisers working in the superannuation industry.

According to a recent study we commissioned, asking 2000 Australians, from ages 20 through to 65 and over, about their attitudes to financial confidence, superannuation and planning for retirement, 44% of respondents over 50 said that they don’t feel confident about their financial security in retirement. The same was true for 51% of Australians under 40.

While there are myriad reasons for this, with a fear of running out, due to an increased life expectancy, and the rising cost of living, chief among them.

Another reason we identified however, worthy of closer look, was a self-confessed lack of financial literacy. Of the 2000 Australians we spoke to, less than half of those under 40 considered themselves to be financially literate. For Australians over 50, that number was even lower, with only 1 in 4 considering themselves to be financially literate.

Many had a strong desire to learn more about retirement, either from those who had been through it before, or from institutions, with the number one topic Australians – both those under 40 and those over 50 – wished their parents had spoken to them about in planning for retirement was inheritance and estate planning, followed by the benefits of long-term investing and compound interest.

There’s a lot to get your head around, and for many, the best way to do that is with the help of a financial adviser working in the retirement industry.

It’s not just retirement age Australians, however. An alarming amount of Australians in both the under 40 and over 50 camp, have yet to start thinking about how they’ll fund their retirement. According to our research, 1 in 4 Australians under 50 haven’t started thinking about retirement yet, and 1 in 6 under 40 said that they don’t regularly check their super balance at all.

To ensure retirees and pre-retirees alike are able to obtain the retirements they’ve worked so hard for, and as the demand for advisers continues to grow, it’s more important than ever, that advisers have access to reliable easy-to-use platforms that are purpose built to support them.

The right platform can help advisers create efficiencies in their practices, streamlining their work and freeing up their time, enabling them to service more clients and help more Australians prepare for retirement.

Advisers have so many roles to play. Explaining complex financial concepts and encouraging their clients and giving them confidence, alleviating their anxieties and ensuring they’re looking forward to the future. The right platform can help them work smarter, not harder, by removing time-consuming admin so they can focus on what’s really important.

At North, our mission is simple, to provide a platform that not only empowers advisers, but supports them so they can take advantage of this increasing need for advice, while growing their practice so they can help even more Australians feel confident and excited about their retirement.

Find out more about North, the leaders in retirement innovation.