Where do financial planners fit into scaled advice?

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Clients are seeking over-the-phone advice directly from super funds in increasing numbers, but the scaled advice trend also offers a huge opportunity to advisers.

Some say there’s a revolution underway as investors seek fast and targeted advice, but Simon Swanson of ClearView Wealth believes that this change in consumer behaviour also represents a big opportunity for financial planners.

“I think what’s actually happening is the market is actually segmenting a lot more, so you’re seeing people who are prepared to pay for high quality advice and will continue to do so, and you’re seeing actually a new segment of the market in the whole scaled advice story,” he told Wealth Professional TV.

“So I think that’s an opportunity. But it’s not just industry funds; it’s actually an opportunity for advisers too.”

The Association of Superannuation Funds of Australia (ASFA) CEO Pauline Vamos also picked up on the innovative way in which industry funds have begun to offer consumer advice.

“They’ve started off with an electronic relationship, and they’ve built from there,” she said, adding that financial advisers that specialise in retirement advice are likely to have a bright future ahead of them.

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