Bridging Australia's Financial Advice Gap Through Social Media and Flexible Pricing
Bridging Australia's Financial Advice Gap Through Social Media and Flexible Pricing
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As the financial advice industry faces a widening gap, the importance of accessible services is becoming increasingly evident.
Deline Jacovides, a financial adviser at Mazi Wealth, is leading by example, striving to make her services more approachable to a diverse client base.
A key strategy Jacovides employs is leveraging social media to enhance accessibility through education. Despite some advisers' apprehension about the "finfluencer" label, she considers social media a potent tool. According to Jacovides, clients who find her practice through these channels often possess a foundational understanding of financial concepts, allowing for more advanced discussions during consultations.
In addition to social media, Jacovides acknowledges the value of technology, including AI and digital advice, in broadening accessibility. These innovations streamline processes and make financial advice more attainable to those who might find traditional methods intimidating or out of reach.
However, Jacovides is quick to emphasise the enduring role of personal interactions and relationships in financial advice. Reflecting on her initial vision of an entirely tech-driven approach to her practice, she underscores the necessity of human elements in fostering deeper client connections.
By utilising social media, Jacovides also seeks to demystify the costs associated with financial advice, stressing the point that advisors are not driven by greed but rather by the high expenses involved in providing quality advice.
Another facet of Jacovides' approach is her flexible fee models, designed to be inclusive for clients who may not be able to commit to ongoing advice engagements. By offering non-compulsory continued advice, she creates a more accessible environment for younger clients like Millennials and Gen Z, who benefit from receiving advice without enduring long-term financial commitments.
Jacovides firmly believes that flexibility in fee structures does not equate to a reduction in the quality of advice. Instead, it opens up avenues for a broader clientele to seek financial guidance. Through these measures, practitioners like Jacovides are closing the advice gap, transforming the financial landscape into one that adapts to the needs of its clients while maintaining integrity and value.
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Volatility: A statistical measure of the dispersion of returns for a given security or market index. Higher volatility indicates higher risk.
