It’s now or never for the great wealth transfer

By George Haramis, CEO & Co-Founder, moneyGPS

Why firms must get relevant and accessible or risk losing hard-earned client wealth.

Recent HSBC research shows that the vast majority (96%) of advisers feel taking an intergenerational approach is important. However, only around a third (35%) have met the client’s children, and only 30% have discussed the financial plans with them.

With the great wealth transfer happening over the next two decades, it’s now or never for stockbrokers and investment advisers. They must position their business as relevant and accessible to the next generation if they don’t want to watch that wealth be moved elsewhere.

Leaving a legacy

You’ve spent your career building up your client’s wealth. Many are part of the Australian households aged 55+ who currently own a combined $2.8 trillion[1]. 80% of these high-net-worth Australians say they intend to leave a legacy, yet only one in five have a plan to do so[2]. This is a moment in time we’re unlikely to see again, but few are prepared.

There is also the legacy of your stockbroking firm to consider. How do you maximise your practice value ahead of any succession plan? One way is to meet the expectations of digitally-savvy Millennials and Gen Z by offering convenient and low-cost services. Another is to create an additional revenue stream of referrals to value-added financial services such as estate planning, Wills and Accounting.

Meeting lifecycle needs

High net worth clients demand the most time and attention. This leaves clients in the earlier stages of wealth creation somewhat neglected. By nurturing them more effectively during this stage, firms are more likely to retain them as that wealth grows—whether through investment growth or inheritance.

A recent report from the Financial Planning Standards Board said that Millennials are open to financial planning, with two-thirds of those who do not have a financial planner considering paying for advice[3]. A service offering that meets a client’s financial milestone needs, such as buying a home, needing life insurance or planning for retirement, can keep your firm relevant and increase client loyalty.

Low effort for everyone

Whether you’re an adviser or a client, it’s likely that you’re time-poor.

Typically, offering personal advice has been a significant time commitment, and at times offering little return due to licensing issues. moneyGPS is leading the next generation of fintech solutions. Using best-practice in-house technology, moneyGPS offers digitally generated personal financial advice under its own AFSL, it’s a set-and-forget option for stockbrokers and investment advisers.

Managing finances online is seen as flexible and convenient and most generations are comfortable with it. 76% of 18-44 year olds currently use banking apps monthly, 76% of 45-54 year olds bank online, and that number rises to 83% for 55-64 year olds[4].

In the very near future, any firm that can’t meet their client’s needs online will become almost irrelevant.

moneyGPS – provide affordable personal advice with minimum effort, cost and risk.

moneyGPS is a SaaS platform that makes financial advice affordable and accessible. It enables financial services firms to support their clients to take the lead and make better financial decisions through digitally delivered compliant single-topic advice.


This article is general information and does not consider the circumstances of any investor or constitute advice. Information in this article does not constitute an offer or inducement to enter into any investment activity. Material published in SIAA Newsroom is copyright and may not be reproduced without permission. Any requests for reproduction will be referred to the contributor for permission.


[1] Mccrindle

[2] Professional Planner

[3] Professional Planner

[4] Savvy


moneyGPS is run by Fiduciary Financial Services (AFSL: 247344) ABN: 76 003 624 888