When freak events and disasters impact our community, we see the best of humanity.
Locally, with the recent fires and extreme weather events, as well as globally with COVID-19 and the Afghanistan crisis, it wasn’t just the locals who came together to help each other out.
Help in a variety of forms came thick and fast from the wider community; both domestic and global. This is where the best of humanity shone through. What started as a ripple, turned into a virtual tidal wave of support.
You might wonder what this has to do with professional advice. The reason many of us choose advice as a career is the ability to make a difference to someone else’s life. What we know is that advice doesn’t just impact the life of a single person or just their immediate family. There is a ripple effect across communities.
- Advised clients have better retirement outcomes; able to afford to live a comfortable lifestyle. The ripple effect continues as they continue to support family, tourism and community.
- Advised clients have strong businesses that are able to grow; directing money back into other businesses, employing more people and supporting their communities. The ripple continues when others are then in a position to do the same.
- Advised clients have a higher level of financial literacy translating into better money habits. The ripple continues as the knowledge spreads, influencing the money habits of both family and social networks.
- Advised clients are able to give their time, which provide support to community and those less fortunate. The ripple continues when others are inspired and empowered to do the same.
Here’s what the research tells us
CoreData and CPA have done the research and put some numbers to this phenomenon.
“If every Australian was able to access properly implemented professional advice including accounting, mortgage broking and financial planning, the benefit to the nation’s per capita GDP would be around $24,716 per person, per year.”
That figure is significant.