Australians Are Looking for Financial Advice—Why Can’t They Find It?
- Anthony Caneva
- Jan 13
- 9 min read
Updated: Feb 4
Introduction
Have you ever felt like you’re not doing enough to manage your money the right way? Or felt out of your depth when friends and family around you are talking about their finances? You’re not alone. In fact, a recent report from Investment Trends found that more than 10 million Australians are actively open to seeking financial advice. That’s a staggering number—practically half the country—yet many of us are still find it challenging to get the right help at the right time.
If you’re juggling a mortgage, figuring out how to best protect your family, seeking a pathway to building wealth, or planning for retirement, this struggle probably sounds familiar. Where do you go for trusted, practical information without having to sign on for an expensive, all-inclusive financial plan you may not need, where the costs and offer extend far beyond your wants and needs? And how do you ensure the advice is actually in your best interest? These are the very questions on the minds of millions of Australians right now.
In this article, we’ll break down the current financial advice market in Australia from the consumer’s perspective—your perspective. We’ll look at why so many of us struggle to find advice that fits our needs, how the industry is evolving to meet this demand, and how you can take steps to empower your financial future. By the end, you’ll know you’re not alone, the industry is changing, and there are new, more accessible pathways to secure the guidance you need.
As someone who's spent years in the financial services industry, I've watched this disconnect grow wider. Today, let's explore why so many Australians are finding it challenging to access the financial advice they need, and - most importantly - what can be done about it.
So, grab a cuppa (maybe a pen and notepad), get comfortable, and let’s dive in.
The Financial Advice Landscape: A Rising Wave of Demand
If you’ve been following the conversation around money management in Australia, you might have noticed a buzzing trend: more and more people want financial advice. According to the 2024 Australian Financial Advice report from Investment Trends, 16.4 million Australians say they need help or guidance on finance-related matters. Of those, 10.2 million plan to seek the help of a financial adviser. That’s huge. This surge in demand is driven by multiple factors:
Cost-of-living crisis: Over recent years following COVID lockdowns, supply chains have been disrupted, energy and commodity markets have been squeezed, and housing continues to be in short supply against demand in Australia. This has created the highest sustained inflation in three decades. The very real presence of this effect in our daily home lives is causing a great deal of stress, and a focus on our own financial matters.
A head-spinning stream of information and content wherever you look: Whether it’s the nightly news, newspapers, social media or vibes you get from your friends and family… we are inundated with information. It’s information overload and it’s anxiety inducing. You can’t help but feel that through the din of this noise, there is something that you’re missing that you should be doing – fixing your superannuation, investing in that ‘thing’ (or those seventeen things) that everyone is talking about, a budgeting hack that will unlock thousands in additional savings. It’s natural to seek help in divining signal from the noise.
Heightened Awareness of Retirement Planning: The same Investment Trends report highlights that 30% of people seeking advice want to ensure their money lasts throughout retirement. Australia’s superannuation system is comprehensive, but it can also feel like a labyrinth. Regulations shift, your personal circumstances evolve, and market volatility affects your nest egg. Getting expert help can mean the difference between feeling in control and free-falling towards retirement.
Building wealth and investing: While more Australians should expect to retire with their mortgage still hanging around their neck, and inflation eating away at their bank account on multiple fronts, the idea of investing and building wealth seems further away than ever for most. Surely there must be a path? If only there was some reliable, trustworthy and affordable help.
It’s clear the appetite for professional guidance is at an all-time high. But that’s only half the story. If so many Australians want financial advice, why aren’t they finding it—or why aren’t they satisfied once they do?
Why Financial Advice Often Misses the Mark
For all the people eager to meet with a financial adviser, there’s a persistent question looming: why is the advice so often not the right fit? You might have heard friends or colleagues say, “Yeah, I saw an adviser, but I’m not sure it was worth it,” or “It seemed like I would need to handover my super for them to give me some advice.” Here are a few reasons why everyday Australians often walk away feeling short-changed.
The High Cost of Comprehensive Services
Traditional financial advice models can be pricey, often because they’re set up to deliver a “comprehensive” plan. And while comprehensive advice can be incredibly valuable for complex situations, not everyone needs or wants the full suite. The research shows a growing divide between the higher costs of end-to-end services and the need for more affordable solutions. When you’re juggling a mortgage and everyday bills, the idea of paying thousands of dollars for an all-inclusive plan might seem out of reach—or simply unnecessary if you’re only worried about, say, navigating a home purchase or making sure you’re on track for retirement.
One-Size-Fits-All Approaches
While costs are high, advisers try to keep them lower by standardising the product solution they offer to clients. This means they will lean towards one or two different superannuation funds or investment solutions. And the investment portfolio will often be a model chosen from 5-8 different models designed by the advice business. This isn’t necessarily a bad outcome for clients. It helps keep costs from being even greater by increasing adviser efficiencies. Conflicted advice via product commissions is a thin of the past, so that’s not a concern. But if you are expecting something that feels more bespoke, you might be disappointed.
Lack of Trust and Transparency
Let’s be honest: finances can be highly personal. Handing over details of your income, assets, and family responsibilities to a stranger is a big step. If you don’t feel a genuine sense of trust and transparency from the outset, it’s easy to walk away. Many consumers cite trust—or a lack thereof—as the leading reason they hesitate to engage a financial adviser. The need for trust and the fear of misplacing that trust is greater when the consequences of getting it wrong are severe. I can easily trust a friend to draft an email for me. If I don’t like it, no big deal. Trusting someone to manage your money for you, with implications if you try to undo the relationship… that’s a different story.
With all these hurdles, you might be thinking, “Is there a better way?” The short answer: yes. Let’s talk about how the industry is responding with something called “episodic advice,” and why it might just be the game-changer Australians are looking for.
Adding value without managing your money
After years working with clients, previously as an adviser, and then managing teams of advisers assisting superfund members, it seems to me like there is a big missing piece.
Personal Advice is what most advisers offer. It requires the adviser to provide a Statement of Advice. In this process they make specific recommendations about what you, the client, should do. To meet the regulatory requirements to say exactly what you should do with absolute impunity requires a lot of work from an adviser. Sometimes, because the adviser’s business model is built around the efficiency of the one-size-fits-all approach (see above), their advice must conclude that you move money from your existing products to the products they use to help run their business and keep costs low.
This is called Product Replacement. And it’s a type of advice that requires a significant amount of research and analysis.
What if there was an alternative?
What if there was an option that was specifically designed to say “hey, you keep the products you have, and I’ll help you make the most of them”. This is an over simplification, but orienting the service around the clients needs and not the business model of the advice practice - avoiding the need for Product Replacement - a lot can be done to help more Australians without venturing in to the realm of Personal Advice.
Introducing… General Advice and Factual Information.
General Advice, like Personal Advice, can only be provided by someone authorised to do so under an Australian Financial Services License. They are limited in what they can say and do, Specifically, compared to a Personal Advice service, you can’t imply or suggest that someone should take any particular action regarding their finances.
You can provide helpful context and guidance regarding how typical scenarios tend to play out, but it’s all done under the condition that your individual circumstances have not been taken into consideration. In my experience providing General Advice to superfund members, this can be very helpful.
Factual Information, unlike the earlier categories of Advice, does not require an Australian Financial Services License. It allows someone to provide specific information as long as it is an indisputable fact. The benefit in this model is that the information can be tailored to suit your specific circumstances.
So, while Factual Information won’t tell you what to do, it will empower you to make your own choices based on a better appreciation of the various factors you should be considering.
Unlike reading a book, reading newspaper articles, or consuming hours of information from influencers on social media… you get the information you need to specifically address your questions, and you can get it from a trusted and credible source.
Want to know how we can help without taking control of your money?
The Digital Revolution in Financial Advice
Technology is playing a crucial role in making financial advice more accessible. While nothing replaces human insight and experience, digital tools and platforms are helping to streamline the advice process and make it more cost-effective.
Imagine being able to:
Ask questions and get them answered 24-7; instead of between the hours of 9 and 5, at an office 40 minutes away, subject to availability.
Receive ongoing guidance instead of one meeting a year.
Track your progress in real time and without needing to ask for a report.
Receive updates and reminders about important financial milestones.
Get help straight away, without having to wait for a team of people to prepare complex document and application forms.
Cancel the experience at any time because it didn’t meet your expectations.
All at the fraction of the cost of a traditional advice offer.
This hybrid approach—combining human expertise with digital efficiency—could be the key to making quality advice more accessible to everyday Australians.
Overcoming the Advice Gap: How to Empower Your Financial Future
While the industry catches up with what Australians actually want, there are steps you can take to get the financial guidance you need:
Be clear about what specific financial advice you're looking for. The more focused your needs, the easier it will be to find appropriate help.
Don't be afraid to ask potential advisers about flexible service options. The industry is changing, and many progressive firms are already adapting their service models.
Consider starting with specific areas where you're willing to invest in advice, such as retirement planning or property investment, rather than trying to tackle everything at once.
Look for advisers who embrace technology and offer flexible communication options that suit your lifestyle.
If an adviser recommends you replace your existing product with another, ask them what is wrong with your existing product and why it's not suitable for you.
Ask about upfront costs and ongoing commitments before engaging any service. A good adviser should be transparent about their fee structure.
The future of financial advice in Australia is evolving, and it's heading in a direction that better serves everyday Australians.
Money Empowered: Leading the Way with Friendly, Expert Advice
At Money Empowered, we understand that you need a solution that fits your life, not the other way around. Whether you're planning for retirement, looking to invest, or trying to make smarter financial decisions, we believe in helping you make informed and confident choices – empowering you to be the master of your own financial future. All at a price comparable to one of your current streaming services.
We're pioneering a new approach to financial advice—one that combines professional expertise with the flexibility and affordability that everyday Australians need.
Ready to take the next step in your financial journey? Let's talk about how we can help you address your specific financial needs, one step at a time. Because everyone deserves access to reliable support, without having to worry about ‘what if’.
Conclusion
Australia’s financial advice sector is in the midst of a significant transformation, driven by consumer demand, technological innovation, and shifting legislation. As an increasing number of Australians look for advice—10 million and counting—the industry is finally beginning to respond with more flexible, user-friendly options. Gone are the days when you had to pay hefty fees for a comprehensive plan if all you really needed was guidance on a single financial dilemma.
If you’re feeling overwhelmed or simply want a fresh perspective on your money strategy, now is the time to explore your options. Don’t let cost, complexity, or lack of trust hold you back from making informed decisions that can significantly enhance your financial wellbeing. Whether it’s ensuring your money lasts throughout retirement, managing your mortgage, or building wealth, getting targeted guidance can empower you to take confident strides toward your goals.
Ready for a fresh approach to financial advice? At Money Empowered, we’re here to help you get the answers you need without the excess fluff or hidden agendas. We’ll work with you to create an approach that meets your needs. Take your first step toward financial clarity today – start your free consultation, where we'll help you identify your top 3 money priorities. No obligation, no pressure - just practical guidance to get you started.
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