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
An adviser has received a written reprimand from the Financial Services and Credit Panel after failing to meet his CPD requirements, the panel’s first action since June.
AMP has reported a 61 per cent rise in inflows to its platform, with net cash flow passing $1 billion for the quarter, but superannuation fell back into outflows.
Those large AFSLs are among the groups experiencing the most adviser growth, indicating they are ready to expand following a period of transition and stabilisation after the Hayne royal commission.
The industry can expect to see more partnerships in the retirement income space in the future, enabling firms to progress their innovation, according to a panel.
