Only 25% of retired Australians have used a professional financial adviser. And if you are thinking perhaps that is unique to Australia, the figure worldwide is almost identical at 26%.
Do you find that statistic interesting?
Are people so wealthy that they do not need a financial adviser?
Are people afraid they’ll experience a hard-sell of life insurance or managed superannuation funds?
Are financial advisers and financial planners so badly perceived by the community that we don’t want to trust them? In light of the recent scandal with major banks here in Australia, perhaps that is the case.
Are people afraid of the questions a financial planner may ask? When do you want to 'retire'? What is your current annual expenditure? What do you want to be doing in 'retirement'?
Is financial planning something we avoid because of the possible answers? Most people approaching retirement expect their savings to run out during retirement with the average worker expected to live for 18 years in retirement, but their retirement savings to last for only 10 years.
I don’t know the answer. But I suspect it is something we put in the ‘too hard’ basket because the questions we have to face are too difficult.
I imagine that a financial planner could be really helpful if you have taken the time to think through these big questions of life. They could help you structure your current and future financial situation to support the life you imagined.
What do you think?
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