The state of financial advice in Australia is out of control. Recent data we came across really tells the story: in 2007, 3 million Australians received financial advice. Last year, it was just 1.8 million. (In that same time, Australia’s population has risen from 20 million to 25 million).
And this isn’t because Australians don’t want financial advice. An ASIC survey in 2019 found that almost half of the Australians surveyed wanted financial advice. Last year, the Sydney Morning Herald reported that more than 12 million Australians have unmet financial advice needs. And this year the Australian Financial Review reported that almost 90% of Australians want their superannuation provider to offer free financial advice.
The median annual fee for financial advice has risen to $3,710. A cost that has jumped 48% in the past five years. For too many Australians financial advice is simply unaffordable.
We love that the platform we’re building at Equity Mates has allowed us to connect the world of funds management with the next generation of everyday investors. And now we want to use this platform to connect you with financial advisors as well.
We may not be able to offer a 1-on-1 session with an advisor to receive personal advice. But we can give you a forum to ask your burning money questions to some of Australia’s best financial advisors and get their general advice in response.
So far on the podcast, we’ve put your questions to Charlie Viola, Jacob McCudden and Andrew Wilson. Now we’re launching a weekly Ask an Advisor email to go alongside these podcast episodes.
If you have a question you would like answered or if you are financial advisor that would be open to sharing your knowledge with the Equity Mates community, email us at ask@equitymates.com.
The first Ask an Advisor email will be hitting your inbox on Thursday. We hope it helps.
To sign up to our Ask an Advisor email, join our Equity Mates: Thought Starters mailing list