Specifically, by modelling a number of scenarios around milestones many Australians experience during life, our research clearly demonstrates the financial and resulting lifestyle benefits that financial advice can provide.
For example, after implementing advice recommendations, a couple in their mid-thirties with busy lives, budding careers and two young children can sustain a higher quality of life, have greater peace of mind about their finances, and feel better prepared for retirement. In fact, our research showed that the lifestyle improvements for the couple after implementing advice include:
Why do we see this research as so important? We know you would see as often as we do at Sunsuper that most people have dreams for their retirement but lack of financial literacy can lead to a gap between what many believe they can achieve in retirement and what their actual financial situation will realistically be.
As well, we’re often brought up in Australia not to speak about money. We’ll happily talk to our friends and family about most things, but how much money we earn and want, and what we’re doing to protect and promote what we have, can be considered off the table when it comes to BBQ conversations, or even what we are willing to confide to our nearest and dearest.
Leaving many people too scared to reach out to a financial adviser for fear they don’t know enough, don’t have enough, or might be told their dreams just aren’t achievable.
So we see real value in illustrating the tangible and non-financial benefits of financial advice in helping to break down these barriers in a meaningful way. We also wanted to present the outcomes to you for use within your practices, among your professional associations, and, importantly, in discussions with your clients.
Download your copy of the full report, which we hope can help you demonstrate, validate and quantify the value of the advice you provide.