Market Report – Financial Advice Industry Attitudes

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 -

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.

I look forward to any thoughts and feedback you may have on the report.

Please contact me if you have any questions, or would like more information regarding how this could work for your business.

Regards, Dugald

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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:

  1. We recently came across FlashFX providing Foreign Exchange execution services for a HNW boutique firm in Sydney - Flash Manage
  2. We contacted one of the Founders of FlashFX to find out more - Q&A with FlashFX Co-founder Nicolas Steiger
  3. 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.

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