Intergenerational tool brings gen x and y in the door
A Financial Services Partners (FSP) practice has created an education tool intended to help members of generations x and y see the value in getting financial advice.
FSP planners Wilson Luna and Analaura Luna have launched a book that provides the generation x and y relatives of their clients with a basic level of financial knowledge.
The book educates potential clients to the level where they know they require further advice, Wilson Luna said.
“They get a much better understanding of why advice would add value to them,” he explained.
“What advisers are finding is that they’re opening up a market for themselves that traditionally they would never have had because these people would have never sought advice.”
Luna also believes that it is important that planners ensure their clients get the basics right before moving onto more complex financial matters and advice.
"It's been our experience that if you get the basics right with clients, they are more confident in making financial decisions that take a medium to long-term view," Luna said.
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.
