Among Australians who have a wealth management product – including managed investments and superannuation – less than one fifth (17.7%) have obtained it from a financial planner, advisor or accountant, according to latest findings from the Roy Morgan Research Finance Single Source survey.
Overall men are more likely than women to use a financial planner/advisor or accountant to obtain their wealth management product (men: 19.5%, women: 15.7%).
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Usage of financial planners appears to increase steadily with age, with approximately half of all people aged 65+ having used a financial planner/advisor or accountant to obtain their wealth management product. Whilst women were less likely than men to use a financial planner across most age groups and particularly among those aged 50-64 years, this was not so among people aged 65+ years
Norman Morris, industry communications director, Roy Morgan Research said, "The use of financial planners, advisors or accountants increases with age, mostly as a result of the increased balances involved and the need for advice as retirement approaches.
"Men aged 50-64 years, mostly in their pre-retirement years, are much more likely than women to use financial planners. Women also appear to be less engaged with financial planning via advisors in their younger years however this appears to shift as they reach retirement and seek advice for their financial future.
"The lower use of financial planners by women aged up to 65 is partly as a result of women generally having lower balances than men and a comparatively lower level of understanding of how financial products work. They are also more likely to have been less involved in managing their finances earlier in life as well as being impacted by life expectancy with a relatively higher proportion of women who are widows compared to men aged 65 or more. Financial Planners may need to consider how to engage women in earlier age."
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