Advisers want functionality in cash products, survey shows
The ability to easily open and manage accounts are what advisers are looking for when it comes to cash products, according to a new survey conducted by Macquarie Bank.
The Cash Satisfaction Survey 2013 also found that product features and online adviser services were among the top three drivers of satisfaction.
This demonstrates features and functionality of cash products were what mattered most to advisers, according to Macquarie Adviser Services head of cash product Peter Forrest.
When it comes to product features in particular, advisers identified meeting the needs of self-managed superannuation funds (SMSFs) as being very important.
"Advisers are telling us what is most important to them is the ability to easily open and manage accounts, which means providing them with solutions that help them to change account details and process withdrawals in a timely and simple manner," Forrest said.
The survey was done to measure adviser satisfaction with Macquarie's own online application process involving electronic verification, which was launched earlier this year.
Recommended for you
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
New Zealand’s financial regulator is following the footsteps of its Tasman neighbours and proposing to conduct a review on improving the accessibility of financial advice and advice business models.
