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The NZ experience is little different in my experience.
Baby boomers dominate the industry’s customer segment, with Australians aged over 55 accounting for two-thirds of all financial planning customers and a whopping 80 per cent of all dollars under advice. There has also been a recent focus on capturing high net worth customers.
One of the problems is the increased variety and complicated abundance of options can leave consumers “spoiled by choice and overwhelmed by difference” the report says, especially when it comes to the comparison of products and services with complex features.
Source: Business Spectator
