Advice 2030: Seven Megatrends Impacting Financial Advice

This document is a report prepared for Iress by Deloitte Access Economics, focusing on seven megatrends expected to significantly impact the financial advice industry by 2030. It outlines the evolution of the financial advice landscape influenced by rapid internal changes and external factors such as social values, technology, and competition. The report documents a 43% reduction in the number of financial advisers over the past five years and predicts spending on financial advice will increase by $2.1 billion in the next five years. It also details how advisers face new challenges and opportunities for growth amid these megatrends, urging them to adapt their business models, client engagement strategies, and use of technology. Furthermore, the document emphasizes the importance of strategic decision-making in navigating these changes to ensure long-term success and stability in the financial advisory market.