As more Australians enter retirement, the phase increasingly resembles a "distinct" economic life cycle, making better retirement planning essential rather than just an opportunity for financial advisers.

Ask any financial adviser what they look for in a fund manager and they'll likely name three traits: proven expertise, product endurance and institutional edge.

Research from Elemnta indicates financial advisers do not realise they are expending nearly twice as much effort on non-advised operations, highlighting a perception gap and challenges related to data collection and access, which cost 6000 practices about $9.36 billion in "destroyed enterprise value".

Australia's wealthy inheritors are making major financial decisions before they feel ready, with new research highlighting a gap between receiving professional advice and having the confidence to act on it.