If you’re exploring a future in financial advice, you’re entering the profession at a pivotal moment. The financial advice industry is not just about helping people manage money, it’s about empowering Australians to make confident and informed decisions in a complex financial world. And right now, research shows there’s a massive unmet need for this support.
Insights from The Big Lift, a research report commissioned by Iress and conducted with Deloitte Access Economics, highlights both the challenges and opportunities ahead for the financial advice industry.
The big challenge: low financial capability in Australia
One of the most striking findings from The Big Lift is that 59% of Australians have low financial capability. That means more than half of the population struggle not just with financial knowledge, but with applying financial concepts in real life – from budgeting and saving to investing and retirement planning.
This is not just about understanding interest rates or inflation – it’s about confidence, behaviour, and long-term financial wellbeing. As the world becomes more financially complex, with rising living costs and sophisticated scams on the rise, this capability gap has real consequences.
A huge transfer of wealth and a massive opportunity
The report also shows that while younger Australians are set to inherit around $5.4 trillion in assets by 2050, many of these future wealth holders lack the skills to manage it well, leaving them at risk of making poor decisions or falling victim to scams.
That’s a once-in-a-generation shift in the financial landscape, and it opens the door for advisers ready to guide others through it.
Advice changes behaviour and creates value
The research also highlights something powerful: 57% of Australians report more confident decision-making after receiving financial education or advice. People who are financially capable are twice as likely to seek professional advice and are more proactive with planning their superannuation, retirement and savings.
This isn’t just about numbers, it’s about real world impact. Australians with higher financial capability accumulate more wealth and make better choices over decades. Imagine the difference you could make as a future adviser.
The advice industry at a crossroads
Australia’s financial advice profession has faced some structural challenges in recent years – from regulatory change to digital transformation. But these shifts also create opportunity.
Iress and Deloitte’s previous Advice 2030: The Big Shift research highlighted emerging trends like:
- Growing retiree populations
- Increased demand for digital advice
- New client behaviours and priorities.
Advisers who embrace these trends stand to grow their client base significantly in the years ahead, while those who cling to outdated models risk stagnation.
Technology is your superpower
The future of financial advice hinges on advisers embracing tech to capture the huge demand for advice and service their clients more efficiently.
The advice profession is moving beyond paper-based processes and disjointed systems, and advice tech platforms like Iress’ Xplan, are already enabling advisers to scale their services, improve accuracy, and better engage clients in an increasingly digital world. The smarter you are with tech, the better equipped you’ll be to succeed.
Let’s break down what that means for you:
- Digital advice tools: The Big Lift shows that younger clients (especially under 40) are open to digital or hybrid advice solutions, combining tech with human guidance.
- Automation and efficiency: Using tech makes advice more scalable and accessible, helping reach the many Australians currently outside the advice system.
- Data-driven decisions: Tech tools free you up to focus on strategic thinking and client relationships, rather than manual admin.
Technology enhances what you can offer, freeing up your time for what matters most – interpreting complex situations and guiding clients to better financial outcomes.
Your role in closing the advice gap
At its core, The Big Lift is a call to action for the whole industry to collectively boost financial capability across Australia. As emerging advice professionals, you’re uniquely positioned to contribute to closing the financial capability gap by:
- Bringing fresh perspectives and tech fluency
- Communicating financial concepts in ways that resonate, particularly with younger generations
- Championing hybrid models of advice that blend human expertise with digital convenience.
The industry needs advisers who understand technology, client behaviour, and the broader economic context, not just the technical rules of advice.
If there’s one takeaway from The Big Lift, it’s that the financial advice industry isn’t static – it’s evolving, and the future belongs to those who adapt.
There’s a huge unmet demand for financial guidance, a profound national challenge around capability, and a pressing need for new models of advice that are scalable, tech-enabled and accessible.
For anyone considering a future in financial advice, this is not just an industry – it’s a chance to make a meaningful impact on people’s lives while growing your career in a field that’s ripe for innovation.
Curious to learn more? Explore The Big Lift report and resources on Iress’ website to see the research insights and discover how technology is transforming advice.
