Peter Fysh is back again; this time we’re talking about the stats on what the average Australian looks like…
Here are some recent stats:
- Only one in fifty small to medium Australian businesses have a business will (succession planning etc.)
- One in five working Australians have a personal will.
- The average life cover of working Australians is only $80k – very under-insured.
- Around 89% of people rely on their income to survive, with no investments in place.
- 70 – 75% of businesses have no formalised referral process.
- Those with wills typically haven’t updated them recently so they are out of date.
- Advisers and accountants need to be the gatekeepers to ensure people have the right protections in place.
- Many self-employed don’t have income protection in place.
The stats are sobering – it’s more important than ever that business owners and the general public are receiving good advice from qualified advisers…
Peter has worked in Financial Services for over 25 years, with both Fund Managers and also Financial Planning businesses.
Working with Advisers he has assisted them in the development of their businesses, including the development of more productive referral partnerships with other Professionals, through his work with Effective Referral Management.
For many Advisers, and related Professionals , this aspect of their business remains a challenge, yet if addressed correctly, can result in improved outcomes for all, particularly for their Clients.
0417 524 733