Retaining Customers Emerges as Biggest Challenge for Financial Advisors in Australia


Published on : Apr 12, 2016

ALBANY, New York, Apr 12, 2016: Marketresearchhub.com has recently announced the addition of a new report on the finance and wealth management market in Australia to its vast base of research studies. The market report, titled “Australian IFAs, Investment Managers & Platforms,” evaluates the relationship between financial advisors and their product and platform providers in this country.

The study discusses the current usage of platforms in details and also highlights the service arrangements that financial advisors are demanding from their product providers. Further, it presents insights into the business concerns of financial advisors in Australia after the implementation of future of financial advice (FoFA) reforms.

In Australia, financial advisors are the prime distribution network for retail investors. Mostly, all financial advisors in this country utilize a platform to manage the assets of their clients. This report focuses on understanding the criteria and priorities these advisors keep in their mind before selecting their investment partners, products, and platforms and the reasons behind the popularity of certain platforms in order to assist financial products manufacturers to gain insights into the Australia financial and wealth management market.

Following the implementation of the FoFA reforms, improved transparency in the cost of investment products and services has prompted advisors to look for the most cost-efficient means for investing in products and securities.

The research report studies the key requirements of these advisors and the main feature they are looking for in their platforms. Apart from this, it also analyzes the market share of the major platforms used by financial advisors in this country and ranks platform packages on the basis of advisors’ ratings.

These platforms have been ranked on the basis of the range of the investment fund they offer, as it has been reported to be the most important feature financial advisors look at while taking up a platform. Additionally, the competitiveness between platforms is also decided by the selection of investment funds, which makes this feature more crucial, notes the research study.

Major financial products and platforms that have prompted advisors to shift towards them and various other recommendations for providers to strengthen their foothold in the Australia market for finance and wealth management have been explained in detail in this research study.

The challenges faced by most of the financial advisors in Australia have also been discussed at length in this market report. As per the study, the biggest issue advisors face in this market is to increase their client base. Since the last few years, customer retention has also emerged as a significant challenge for financial advisors in this country, states the market report.

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