are taking the lead on advice. To
Welcome to Trends, a bi-monthly newsletter full of the latest insights from Netwealth. Based on Netwealth’s Advisable Australian and AdviceTech research, plus our broader Netwealth IQ publications, we hope it inspires you to see wealth, your business and clients differently.
The greatest users of advice are not who you think they are
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According to Netwealth’s 2024 Advisable Australian Report , Gen Y, those aged between 28-42 years, are more likely to be receiving advice today or ‘use advisers when needed’.
While this may be surprising, Gen Y is the largest generation of Australians aged 18+, representing 32% of the population.
There is an attractive sub-segment of Gen Ys worth noting - the Emerging Affluent (or ‘millennials with money’) who represent 12% of the population 18+, are wealthy and are using or looking for financial advice today (44% use an adviser, whilst 31% are considering one).
#Action
Build out your millennial or Gen Y strategy and offering. Reach out to your younger staff to better understand the needs of this audience. Consider how you might uplift your technology offer to cater to this digital native audience.
Coming up:
• Over 40% of your clients want digital interactions - find out which ones
• Which alternative assets are firms using with their clients?
• What is the growth trajectory for responsible investing?