Addressing Barriers To Accessing Financial Advice: Identifying Benefits Through Process Improvements

Addressing Barriers To Accessing Financial Advice: Identifying Benefits Through Process Improvements

Financial advice plays a critical role in enhancing financial literacy, resilience, and decision-making capabilities. However, increasing barriers to accessing financial advice in Australia pose significant challenges for consumers and sector professionals. This thesis identifies these barriers and offers actionable solutions to enhance accessibility in professional practice. The research findings specifically outline innovative methods to reduce the costs of accessing financial advice, as well as reducing the time required for its delivery, while improving accuracy and regulatory adherence. By addressing the gap in scholarly research on the Australian financial planning sector, the thesis contributes to a deeper understanding of operational challenges in financial advice delivery. Through a mixed-methods approach, including semi-structured interviews, quantitative analysis, and literature review, key barriers are identified, and their impact measured using tailored assessment tools. The findings provide valuable insights into the current state of financial services in Australia and offer practical strategies to reduce barriers, streamline processes, and improve efficiency, with significant implications for government policy and professional practice aimed at enhancing access to financial advice.

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