Self-managed superannuation fund (SMSF) investors are joining their industry fund peers in looking for piece-by-piece advice to suit their individual requirements.
"There has been recognition at government policy level that a holistic approach doesn't really work and what Australians are trying to seek is this piece-by-piece type of advice," SMSF Academy managing director Aaron Dunn told InvestorDaily.
Dunn explained that when investors came across an issue in their SMSF, they wanted to address that issue, not their entire portfolio, and that should present new business prospects for advisers servicing the sector.
"I think that opens up opportunities in the industry to provide piece-by-piece advice through that entire lifecycle and I think it will be very applicable not only across industry funds, but also it will apply right through to SMSFs," he said.
The concept of scaled advice could have even more significance as the SMSF trustee demographic experienced a shift, he explained.
"I think it will be more and more relevant in the SMSF market when there is younger people coming into the industry as well and they're looking for smarter ways to deliver all this stuff," he said.
Dunn also mentioned that advisers should adopt a different approach with a younger audience in order to encourage them into SMSFs.
"I think ... with a younger audience getting into the SMSF market, there are new ways in which people are looking for information," he said.
For example, more than 50 per cent are using mainstream media. Advisers should consider using outlets such as Facebook or YouTube as a way of delivering information.
"It allows you the ability to utilise current-day technologies to not only educate people, but funnel through from an education into an advice mode. If people are going to that mainstream media to find information, you've got to be in that space to be able to compete and attract those clients," Dunn said.
