A new research report highlights a changing outlook on financial advice, stressing that it encompasses more than just money. It also anticipates a surge in fresh prospects for financial advisers.

The report, commissioned by Fidelity International and conducted by research firm MYMAVINS, found that 62 per cent of Gen Y individuals, 59 per cent of Gen X members, and 54 per cent of Baby Boomers strongly feel they have a nest egg mentality.

“If a large proportion of the population have this mentality, and this desire to pass on a legacy, understanding the complexities of that is really important to a large number of people,” Fidelity’s head of wholesale sales Simon Glazier said at the report’s launch on Tuesday.

Recent research from Generation Life revealed that more than 80 per cent of high-net-worth individuals intend to leave a legacy, but only one in five have a plan to do so. Finextra Wealth financial adviser Heath Hebenton told Professional Planner last week that it is incumbent on advisers to ensure clients are prepared and can meet their estate planning and charitable goals.

There is a growing awareness that advice is about more than just money, according to Glazier.

Advisers are suitably positioned to address the unfulfilled needs of individuals interested in creating a financial legacy, the report – titled ‘Rainbow’s End’ – says.

It states that the majority of Australians who want to leave a financial legacy are “looking  to do so with warm hands, preferring to give while they are still alive rather than after they are dead”.

Additionally, 35 per cent of those who inherit wealth have unfulfilled needs of their own and would seek advice on how to use it wisely.

An imminent transfer of wealth

An AUSIEX report released in July suggested financial advisers should brace for the imminent transfer of wealth as the first Baby Boomers approach their statistical age of death (81.3 years for males and 85.4 years for females, according to Australian Bureau of Statistics).