Just under 10 per cent of Australians have sought wealth management advice, according to new research — and those who have tend to be the wealthiest members of society.
A new Roy Morgan report has revealed that 1.96 million Australians, or 9.7 per cent of the national population, have used a financial adviser to buy superannuation or managed funds.
That equates to $703 billion in wealth management products, according to the report.
One in three Australians in this group are in the top wealth quintile, which has the largest take-up of financial planners.
The second-largest group (22.1 per cent) was those earning more than $130,000, while baby boomers came in as the third biggest group (18.5 per cent).
Key above average users of financial planners/advisers
Source: Roy Morgan
Roy Morgan industry communications director Norman Morris said there were opportunities to be found in doubling down on the top wealth management demographic.
“With a great deal of activity in the financial planning market involving the major players to either exit or merge, it is important to focus on the high-value customers at this time due to the very large skew to the top quintile.
“In other words, there is obviously a valuable opportunity to understand this segment that controls nearly two thirds of the wealth management market value and also likely to have considerable other banking and financial needs outside of wealth management,” Mr Morris said.
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