Padua Solutions co-founder and co-CEO, Anne-Marie Esler, said that of the 650-plus strategies that are available to advisers, they are restricting recommendations to more familiar, known strategies.

“Without access to technology and data systems, advisers cannot possibly be abreast of all the advice strategies available, or be able to link to a client’s demographic profile to check eligibility,” she said.

“Smart use of technology to develop advice strategies will ensure advisers can provide tailored, cost-effective advice for the benefit of their clients.

“With a recent ASIC report indicating more than 10 million Australians would like to receive financial advice in the future, advisers have a good opportunity to capitalise on this strong level of demand but the ability to access the appropriate data will be key,” she said.

According to Padua Solutions data, ‘rollover your super’ is the most recommended strategy used by financial advisers. This is followed by ‘retain your super’ strategies that recommend insurances; ‘review your estate planning arrangements’; ‘commence an account-based pension’; and ‘review your Centrelink entitlements’. Strategies that recommend rolling over your pension or retaining your pension are the next most popular adviser recommendations.

The research also found that financial advisers are increasingly using a higher proportion of platforms as with the abolition of tied distribution and the exit of banks and large financial institutions from the financial advice space they have more freedom to recommend a larger variety of super, pension and investment-based platforms.

“Although they are restricted somewhat by their licensee’s approved product list, advisers are taking advantage of the thousands of platforms available in the market and, according to our data, recommending more than what they would have previously,” Ms Esler said.

“Advisers are seeking the most appropriate platform that suits the needs of their individual clients and not recommending platforms based on a financial or other benefit, as they have been accused of doing in past years.”