Rethinking Financial Advice: The Shift to Episodic Engagement

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

The 2024 edition of the Australian Financial Advice Report, spearheaded by Investment Trends, uncovers pivotal insights into consumer preferences. Out of the 21 million Australian adults assessed, nearly half-about 10.2 million-express their intent to consult financial advisors. Among them, the demand for episodic, issue-specific advice is on the rise, highlighting the importance of accessible and affordable financial counsel.

Interestingly, 22 percent of individuals (having no immediate plan to engage advisors and seemingly content with their current financial management), coexist with a significant 23 percent who face unresolved financial issues but are similarly not considering advice. In stark contrast, 1.5 million individuals currently receiving financial guidance reveal that more than 85 percent still encounter unmet advisory needs.

The widespread need for assistance spans various financial concerns. An impressive 16.4 million Australians voiced their interests in specific areas such as retirement finances (30 percent), structuring investments (30 percent), navigating tax concerns (27 percent), and home purchase strategies (25 percent).

As determined from the study, Australians value episodic financial advice, predominantly because it bears lower costs compared to comprehensive financial advisory services. Notably, financial guidance regarding inheritance and estate planning, home acquisition, and retirement strategies are top areas Aussies are willing to invest in, occasionally exceeding figures like $1,690, $1,270, and $970 respectively, for direct human advisory.

Olivia Beringer, Research Director at Investment Trends, underscores the shift, explaining: "It is abundantly clear that episodic financial advice-tailored to fit budgets and life circumstances-is what Australians want." She adds that as organizations adapt to this demand through innovative business strategies, the legislative alignment anticipated would further support this framework.

Moreover, Beringer highlights the crucial transition: "Australians are demanding advice that is both affordable and available when they need it. Our data highlights a clear opportunity to inject greater flexibility into the industry, enabling organisations to offer targeted services that directly address consumer needs."

This research further fortifies the concept of personalized financial planning, catering to unique life events instead of ongoing advisory relationships, as the newfound norm in the sector. The original insights and data were derived from the Australian Financial Advice Report presented by Investment Trends, which casts a spotlight on these evolving client paradigms.

Published:Monday, 9th Dec 2024
Author: Paige Estritori

Please Note: We do not endorse any specific products or companies. Some content is sourced from third parties, including press releases, and may not be independently verified for accuracy or completeness.

Share this news item:

Finance News

Clear

What APRA’s 3% Buffer Means for Borrowing Power

23 Jul 2026: Paige Estritori

APRA’s decision to keep the mortgage serviceability buffer at 3 percentage points is a timely reminder that loan approval is still being judged on resilience, not just today’s advertised interest rate. The buffer requires regulated lenders to test whether borrowers could still manage repayments if rates were materially higher than the loan rate being offered. - read more

Why the RBA’s Latest Signals Matter for Your Next Loan

22 Jul 2026: Paige Estritori

The Reserve Bank of Australia’s latest policy commentary has reinforced a message that borrowers cannot afford to ignore: interest rate relief is not something to build a budget around too early. While inflation has eased from its peak, the central bank remains alert to price pressures, wage growth, productivity challenges and the possibility that demand may prove more resilient than expected. - read more

Why Personal Loan Borrowers Need to Look Past the Advertised Rate

21 Jul 2026: Paige Estritori

Australian borrowers comparing personal loans in July are facing a market where the headline rate can tell only part of the story. Canstar’s latest personal loan update, published on 21 July 2026, shows some competitive rates remain available, but the gap between the cheapest and most expensive unsecured offers is still substantial. - read more

Small Businesses Are Still Paying More for Finance

14 Jul 2026: Paige Estritori

The latest Reserve Bank of Australia lending rate data gives small business owners a timely reminder: the cost of finance is still highly dependent on borrower profile, loan size, security and lender appetite. For May 2026, the average rate on new small business loans sat at 7.26% per annum, compared with 6.12% for medium businesses and 5.49% for large businesses. - read more

Business Borrowing Stays Strong as May Credit Data Lands

07 Jul 2026: Paige Estritori

The latest Reserve Bank of Australia financial aggregates show that borrowing demand has remained resilient, with business credit again leading the way. Released on 30 June 2026, the May figures show total credit rising by 0.7% over the month and 8.2% over the year. Within that, lending to non-financial businesses rose 1.0% in May and 9.9% across the year, outpacing both housing and personal credit. - read more

Click for more Finance News