News Article:
Financial Advice for the Young
Solving the Impasse of providing limited financial advice to the young
Our newspapers are constantly discussing the problems of providing financial advice to the young. But there are real solutions available now.
For 90% of the younger population, most require financial guidance for the next 5 to 10 years. A whole of life plan is meaningless 40 years in the future especially if there is significant inflation.
For the younger clients such limited advice may be about:
- Pay down personal debt
- Save for a home deposit
- Buy a home they can afford
- Start an investment plan,
- Manage Superannuation
- Financial survival when ceasing work temporarily
- A marriage breaks up.
The Solution
Unless an adviser knows everything about the client, his family, goals, finances, risk tolerances and intentions it is impossible under current legislation to provide this advice for a fee younger people can afford.
Detailed explanation and client understanding of both the advice and its limitations is required by ASIC, but more information than required by the client. No doubt the reviled SOA will be remodelled, but not the adviser’s obligations, his time and his expenses.
The government, in its response to the recommendations of the QAR have indicated they plan to provide a greater role to Superannuation Funds in providing financial advice to their members.
Using the old methods of SOA production, advisers in the foreseeable future may not be able to service younger clients profitably in spite of good intentions.
Today’s Australian (12.11.2023) quotes the following in the article Quality of Advice reforms an opportunity to lift our financial confidence:
While there is a critical need for retirement advice, our research shows those most open to receiving advice are under the age of 40. That is why the government’s wider proposed advice reforms are so important. The reform task is to help those Australians and many others who want and need advice but have no prospect of ever being able to afford it.
Financial Mappers is excited to show advisers how to afford and profit from servicing younger clients. Both Financial Mappers and Advice Online lets advisers set clients on sound future pathways, and cements relationships with future higher net worth clients.
The software does almost all or the work with the adviser adding his expertise. All reports are in shared in a multimedia format as younger clients expect. In fact, the advice process can be totally carried out online, exponentially extending the reach of a single advisor.
Plencore Wealth has recently announced the provision of a product, called Advice Online.
This is the perfect product for financial advisers and superannuation funds to provide financial advice to young people
Designer of Financial Mappers and Advice Online
No more time consuming getting to understand a client, paraplanning, and producing a 100-page SOA.
To find out how to turbocharge your advice process with our upgraded software visit Financial Mappers and our second product Advice Online.
Glenis Phillips SF FIN
Streamline Financial Advice without the Gridlock for members of the Financial Services Industry
Versions have been developed for both the Australian and New Zealand markets, each with a dedicated URL:
– Designer of Financial Advice Online
A Few Words
Our History
Plencore Wealth Ltd has been developing financial planning software for 10-years and has expanded with versions of the software for New Zealand, and can be customised for the international market.
We designed our financial planning software for professionals, corporations and individuals DIY investors.
Glenis Phillips SF Fin,
Director
New Product
Financial Advice Online
Our new product, Financial Advice Online, has been designed for members of the Financial Services Industry who need a readymade customizable portal to provide digital financial advice.
The software creates a financial plan together with an advice document for your clients.
This product is ready for both the Australian and New Zealand market.