Financial advice can be unaffordable for people who would benefit from it. Addressing that cost is a substantial challenge, but there are other barriers that advice businesses can tackle directly. Explaining what help is available, offering flexible appointment times and making the paperwork easier to complete can all make their services easier to access.
A more accessible approach to financial planning in Australia would give people a clearer understanding of the help they can receive. Personal advice can focus on a specific issue, cover several aspects of someone’s finances or include ongoing reviews. Explaining these options gives prospective clients a way to judge whether a service matches what they need.
That explanation needs to be specific. A website that lists “wealth management” among its services tells an unfamiliar reader very little about the questions an adviser can answer. Describing the subjects covered, whether one-off advice is available and what happens at the first meeting is more useful. Someone making an enquiry should also be able to find out whether the business works with people in their circumstances.
Offering advice on a particular issue can give clients an alternative to a comprehensive service, where appropriate. However, a narrower scope does not remove the need for careful work. ASIC’s guidance requires advisers to consider the circumstances relevant to the advice, including matters beyond the client’s original question when necessary. Explaining this helps people understand why an adviser might need several documents or ask questions that initially seem unrelated.
Affordability remains a harder problem. Clear pricing helps someone understand the expense, but it cannot make an unaffordable fee manageable. Where different services are available, businesses can explain what each includes and how the work affects the price. People also need to know whether they are paying for a defined piece of work or agreeing to continuing charges. Those details belong early in the conversation, while the prospective client is still deciding whether to proceed.
There is more flexibility in how appointments are arranged. Video meetings can save a regional client a lengthy trip and reduce the time someone needs away from work. Early or evening appointments may suit people whose working hours are difficult to change. Keeping an option to meet in person matters too, particularly for clients who struggle with technology or would find a detailed financial discussion easier across a table.
Preparing for an appointment can involve gathering records from several places. A clear document checklist can explain which statements are needed, the dates they should cover and where clients can usually find them. Having someone available to answer questions about that list can prevent delays. The same applies to submitting documents securely, especially when a client has never used the business’s online system before.
Once advice is ready, clients need enough time to understand it. Explaining unfamiliar terms as they arise makes the discussion easier to follow. Written material should set out the recommendations, costs and implications in readable language. Clients may also think of questions after the meeting, once they have read the documents at home. Knowing who can answer those questions, and whether a follow-up conversation is included in the fee, makes it easier to ask for clarification.
