Consumers mystified about planners’ job description



Beyond what they see in media headlines, many consumers have no idea what a financial planner does, a wealth management veteran believes.
While some know planners work in the investment realm, many potential customers are bemused about what precisely planners can offer them, Wealth Know How's general manager, Fiona Parker, said.
"Consumers are telling us they want the role of planners demystified so they can better understand how even the basic problems and investment strategies will be addressed," she said.
Until they have that understanding, they are unwilling to make the "first call" to engage with a planner, she added.
"It is clear from recent research by the Financial Services Council that people who get financial advice get real value from it so it is important that it is made more accessible," she said.
"Taking into account the cost of advice, an individual who has had financial advice generally saves $1590 each year more than a similar individual without a financial adviser."
She said potential customers would benefit from education campaigns to clarify the practical role of planners.
Recommended for you
The new financial year has got off to a strong start in adviser gains, helped by new entrants, after heavy losses sustained in June.
Michael McCorry, chief investment officer at BlackRock Australia, has detailed how investors are reconsidering their 60/40 portfolios as macro uncertainty highlight the benefits of liquid alternatives.
Having reset its market focus to high-net-worth advisers, Praemium’s administration solution has been selected by Bell Potter in a deal that increases the platform's funds under administration by $6 billion.
High transition rates from financial advisers have helped Netwealth’s funds under administration rise by $3.7 billion in the fourth quarter of FY25.