The increasing number of investors over the age of 50 will present a servicing challenge to the financial planning industry, Russell director of superannuation Steve Schubert told the Russell Investment Summit on Friday.

Within 15 years, the number of investors in this age group is expected to grow by 50 per cent - to 8.8 million, creating a serious increase in the need for assistance, support and advice.

One cost-effective way is to provide embedded advice within financial services, that applies the best ideas to Mums and Dads who cannot afford expensive actuarial advice, Schubert said.

Russell already provides a level of embedded advice through its multi-manager selection, and through asset allocation defaults.

"What multi-manager means is that the customer does not have to sort through... a whole range of managers and products. Our service already incorporates the best ideas on manager selection, portfolio construction and risk management," Schubert said.

The US concept of target-dated funds has not yet been widely received in Australia. But this is another form of embedded advice that provides actuarial advice to a mass clientele, he said.

Another increasingly popular concept was financial engines, which provided financial advice online.

Recent forecasts by the FPA estimate that the demand for financial planners will increase by 55 per cent, and paraplanners by 72 per cent, over the next 5 years.