The advice profession needs to grow significantly and lift its productivity substantially to meet booming demand for financial advice as a wave of intergenerational wealth transfers begins to break.

CoreData Research founder Andrew Inwood told the 2024 Vanguard Adviser Roadshow in Sydney on Thursday morning that without productivity improvements Australia will likely need more than twice as many advisers as it currently has to service an estimated 1.7 million new clients.

Inwood said that as an unprecedented amount of wealth changes hands in coming years, without access to advice that transfer will be unplanned, chaotic, and most likely inefficient.