Market Report – Financial Advice Industry Attitudes
Understanding Financial Advice Industry attitudes International Money Transfers as a service to Clients
Results from our recent advice market survey are combined with data on the Australian International Money Transfer market. Having identified a problem in the market, our working Hypothesis was:
"Raising Financial Advice industry awareness on international money transfers
will have a positive impact for consumers"
The results appear to be self evident, with significant benefits to both Financial Advisers and Consumers.
You can view the full report here - https://bit.ly/AdviceIndustryAttitudes-R2A
A few findings of note:
- 21 Billion - Australia personal international transfer flows 2021, Source: ACCC
- $9.6 Billion - Serviceable Addressable Market (SAM) annually for Financial Advisers
- 47% - Financial Advisors received 1-10 client enquiries on international transfers in the past 3 years
- 71% - “Trusted Advisor” Status, Advisors believe it could increase professional standing with clients
Why the Financial Advice industry:
- Financial Advisors are a key engagement point with consumers in Australia for personal financial matters.
- Advisors are well placed to benefit from increased client engagement, client satisfaction and professional status.
- The potential benefits also represent a significant business development opportunity.
The Financial Planning industry is our focus and we always follow new trends. So if you're wondering why we would research International Money Transfers as a service for Advisers, this is what happened:
- We recently came across FlashFX providing Foreign Exchange execution services for a HNW boutique firm in Sydney - Flash Manage
- We contacted one of the Founders of FlashFX to find out more - Q&A with FlashFX Co-founder Nicolas Steiger
- We spoke with 10 Advisers and analysed what this all meant - 3 Key Benefits – FX International Money Transfers for Advice Clients
This increased our interest so we decided to conduct a Financial Advice market survey and do a deeper dive into the sector, and the services available to consumers (clients).
As you will read in the report, the results were interesting at the very least. A transactional banking service for many years that has yet to evolve, and clients a really paying the price.