Glen Hare of Fox & Hare Financial Advice notes that the industry primarily supports older Australians. Meanwhile, younger people are increasingly concerned about their financial literacy and securing adequate retirement funds, yet remain underserved. Hare's comments point to a growing need for targeted engagement strategies to reach and assist this demographic effectively.
One proposed strategy to make financial advice more appealing to Gen Z is the utilisation of family connections. By involving the children of existing clients in the financial planning process, advisers could demonstrate the tangible benefits of financial advice. Neil Rogan from Russell Investments suggests that this approach can instil confidence in younger clients by providing clear, long-term guidance and showcasing the practical advantages of wise financial management.
Rogan also believes there is potential to influence the investment decisions of parents by integrating their children's values into planning discussions, ultimately crafting portfolios that their offspring may one day inherit. This not only enhances the financial literacy of young people but also aligns future generations with wealth-building strategies.
However, this model of engagement is not without challenges. Nathan Fradley of Fradley Advice warns of the potential conflicts of interest that may arise, especially when young clients begin to seek individual advice. To mitigate these issues, firms must employ multiple advisers or maintain heightened sensitivity to the dynamics of family relationships and financial preferences, ensuring a transparent approach to managing conflicts of interest.
Such conflicts could emerge over decisions related to inheritance structures, control of family finances, or differing investment philosophies. These nuances highlight the complexities involved in bringing younger clients into the financial advice fold, necessitating careful strategy and ethical consideration by advisory firms.
Published: Tuesday 28th October, 2025
Last updated: Tuesday 28th October, 2025
Please Note: If this information affects you or is relevant to your circumstances, seek advice from a licensed professional.
