Australians eager for financial advice
Results from Financial Planning Week reveal key financial concerns
Results from the 13th annual Financial Planning Week indicate that the need for access to quality financial advice is stronger than ever, with more than 90 questions submitted to the FPA experts and over 10,000 visits to the ‘Ask an Expert’ page.
Financial Planning Week, which concluded last week, is an initiative of the Financial Planning Association (FPA) that aims to encourage, empower and educate all Australians about the positive difference that trusted financial advice can make to their lives.
Superannuation and retirement planning emerged as key areas of concern for Australians during Financial Planning Week, attracting the highest number of questions and engagement online. Another major demographic seeking financial advice was young people planning for their first home or kicking off a savings plan.
Mark Rantall, CEO of the FPA said: “The interest from people of all ages and walks of life goes to show that quality financial advice is universally beneficial, whether you are entering retirement or looking to open your first bank account.
FPA research shows that 61% of Australians do not receive financial advice, despite the massive impact it can have in consumers’ lives. Access to quality financial advice is truly a national issue, which is why we are so pleased to see Financial Planning Week achieved its goal of engaging Australians in benefiting their financial futures through trusted advice.”
Financial Planning Week comprised a number of activities to connect Australians with quality advice online and via social media.
- Over 10,000 visits to ‘Ask an Expert’: an initiative giving consumers the opportunity to ask their financial questions
- Over 250 tweets regarding #FPWeek and using Twitter as a forum to ask questions via #AskanExpert
- The FPA website hosted useful insights, blogs, case studies and other material available to bring to life the benefits of financial advice.
- Over 10,000 visits to ‘Find-A-Planner’, an online directory of reputable financial planners by area
- 50% of FPA members had their profile page viewed during Financial Planning Week
The FPA community of financial planners was heavily involved in the initiative. More than 70 financial planners volunteered to answer queries for the ‘Ask an Expert’ site, while topic experts blogged on key issues relating to retirement, saving, superannuation, debt and life insurance.
“FP Week benefitted not only consumers but our members as well, with a 200% increase to the FPA’s ‘Find a Planner’ page during Financial Planning week as compared to the weekly average. In fact, half of the FPA’s 10,000 member practitioners received page views to their ‘Find a Planner profile’ during Financial Planning Week,” said Rantall.
FPA member, Renee Hush CFP® took part in Financial Planning Week and wrote a blog on the most popular topic of the week, superannuation and retirement.
“As CFP professionals we continue the work of Financial Planning Week in our everyday lives, promoting the importance and impact of financial advice through our work with clients. It has been a great experience dealing with members of the public who do not generally seek advice but see the benefits it can offer to their lives. I support the FPA in these initiatives and will continue to promote increasing access of qualified financial advice for all Australians.”
Research commissioned by the FPA in August revealed that only one in three (34%) Australians know where to find a financial planner they can trust. Yet, the results of Financial Planning Week are evidence to the fact that when it is made available, financial advice is highly valued by Australians of every demographic.
Mark Rantall said, “The FPA is proud of the members who have contributed to the success of this year’s Financial Planning Week as well as those members who do this every day with their clients. We are proud to represent a community that is passionate about improving the lives of those in their communities through superior financial advice. We strongly encourage all Australians to seek out these planners in their local area as the positive effect it can have in your live cannot be overstated.”