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.”
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
