The stockbroking and investment advice profession is evolving alongside the investors it serves. SIAA’s new insights paper explores how firms can respond to changing expectations, attract future talent and make the value of their work better understood.
Australia’s intergenerational wealth transfer, the growth of self-directed investing and the rise of digital and hybrid advice are changing how people access financial guidance. Together, these shifts create opportunities for stockbroking and investment advice firms, while challenging them to build relationships with a new generation of investors.
Drawing on member insights, independent research and industry consultation, SIAA’s insights paper, Invested in what comes next, examines the profession’s future role in helping Australians build, manage and protect wealth. It also identifies a gap between the work members do today and how that work is perceived by the public.
Closing the perception gap
Stockbroking and investment advice have changed considerably, yet outdated associations continue to shape how some people view the profession. These perceptions can prevent potential clients from recognising when an adviser could help them. They can also discourage people with the right skills and interests from considering a career in the industry.
The gap is particularly relevant as wealth moves between generations. Those who inherit wealth will not necessarily continue with an existing adviser. They may seek guidance from someone they have chosen themselves, with services that reflect their goals, values and preferred ways of engaging. For firms, retaining assets across generations will depend on understanding these expectations and building trusted relationships before a transfer takes place.
Professional standards and the scope of the work have also evolved. Advisers operate within a framework of education, ongoing professional development and ethical obligations. Communicating these standards, alongside the practical value of their expertise, can help firms build confidence among clients and make the profession more visible to prospective employees.
Human judgement in a changing market
Digital platforms and artificial intelligence are changing how investment information is accessed and how some services are delivered. These tools can improve efficiency, but they also highlight the importance of interpreting information in context.
Stockbrokers and investment advisers work where market developments become decisions for clients. A company’s results, a central bank announcement, an IPO or a sudden change in market conditions may all call for timely analysis. Advisers must assess what has changed, understand its relevance to a client’s circumstances and help determine an appropriate response.
That work calls for technical knowledge, judgement and strong communication. It also involves relationships with clients and, across the broader profession, with company leaders, founders and directors. The pace, variety and human dimension of these roles are not always apparent to people considering a career in financial services. Showing what the work involves could help attract a wider range of talent.
Shaping the profession’s future
The paper encourages firms to act on these opportunities. That includes broadening recruitment pathways, investing in the development of younger professionals and explaining more clearly how stockbrokers and investment advisers help clients navigate complexity.
Firms also have an opportunity to review how they engage with the next generation of investors. Access to digital tools may form part of that experience, but lasting relationships will depend on listening to clients, understanding their needs and demonstrating the value of informed advice.
The profession’s reputation will be shaped through these everyday interactions, as well as through the way firms describe their work publicly. By making its expertise and career opportunities more visible, the industry can strengthen client relationships, attract future leaders and play a greater role in helping Australians make decisions about their wealth.
Read Invested in what comes next.
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