Consultum chases opportunity of a Lifetime
Stuart Abley
Financial planning group Consultum has launched Lifetime Family Advice, a new intergenerational advice program that aims to assist generations X and Y with their finances.
Head of Consultum Stuart Abley said the industry has up to now focused on managing the wealth accumulation of the pre-retiree market, largely to the exclusion of emerging markets such as generation Y.
“With baby boomers growing older and transitioning into retirement, we identified that the future income and value of our advisers’ businesses could be at risk if we didn’t wake up and smell the Facebook,” Abley said.
“That’s why we have introduced Lifetime Family Advice, to ensure our adviser group continues to build and maintain long-term relationships with its clients through the generations.”
Lifetime Family Advice is a referral program that helps young people get started with their wealth management through the people they trust, their family members.
“By introducing Lifetime Family Advice we have harnessed this untapped marketing opportunity by offering benefits to the children of existing clients, which ensures our advisers continue to service [their] preferred baby boomer clientele while also building a relationship with the next decade’s wealth accumulation generation — who are also the custodians of any generational wealth transfers.”
According to Abley, the program encourages parents to introduce young family members to their Consultum financial adviser, ensuring instant access to one-on-one advice and the opportunity to develop personal plans.
Consultum is also assisting adviser businesses in creating tailored fee-for-service packages that will appeal to the younger market and suit their business model.
“Services such as debt and cash flow management, super consolidation, income protection insurance and assistance with entry level investment products have all been identified as areas which will help the younger generation see the value in dealing with a financial professional.”
AUTHOR
George Liondis
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.
