Financial Planning
Taking advice to the streets

Positioning Australians as the architect of their own financial advice journey might just be the ticket to getting more people engaged with the industry and achieving financial goals.

With just 20% of Australians receiving financial advice, Madison Financial Group chief executive Annick Donat is passionate about communicating the value of advice to as many people as possible and decided to explore what it would take to start a consumer led 'value of advice' movement.

At this year's Association of Financial Advisers' National Adviser Conference, Donat has partnered with former AFA Adviser of the Year, Dartnall Advisers' Eleanor Dartnall, to discuss how a social media campaign could assist Australians in understanding how money works and in turn make better financial decisions.

"We both believe focusing on just becoming a profession isn't enough, it's necessary but it won't create the catalyst for people to take their financial wellbeing seriously.  We believe this needs to be done in parallel with a consumer movement to make meaningful change," Donat said.

Part one of 'Taking it to the Streets' will involve an interactive workshop featuring high school and university students and financial services professionals. Participants will use the concept of human centred design - putting people and their experiences and behaviours at the centre of the entire design process - to create a consumer led social media campaign aimed at helping people realise the importance of their own financial wellbeing.

"The power of social contexting, as in 'What are other people like me doing/saying?' is very influential, Donat said.

Part two of the session will see Dartnall present and discuss client research she has conducted on the same issue.

"Listening to, and empathising with our clients' life stories, is the first step in the client adviser journey together. What we do with that story to empower our clients is the next step. If my clients walk away feeling in control of their financial decisions I have succeeded," Dartnall said.

Donat added: "We're hoping 'Taking it to the Streets' will trigger more sessions around the country so we can create a movement that makes people excited about their financial future."

Read more: AustraliansAnnick DonatAssociation of Financial AdvisersDartnall AdvisersEleanor DartnallMadison Financial GroupNational Adviser Conference
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