Aussie HNWIs trust advice
More than 85 per cent of Australia's high net worth individuals (HNWIs) say they trust and have confidence in their advisers, research reveals.
Data from the Capgemini/RBC 2015 Asia-Pacific Wealth Report, found that more than one in five Australian HNWIs said they had very high levels of trust and confidence in their advisers, while three per cent said they had low or very low levels of trust and confidence in them.
The high levels of confidence in advice among HNWIs was only surpassed by their optimism when it came to generating further wealth over the next 12 months, with 88 per cent expecting to see their value rise in the year ahead.
The report also found almost 80 per cent of Australia's HNWIs said they had high levels of trust in the regulators, while less than five per cent said their trust in financial services regulators was low or very low.
While HNWIs expressed confidence in the advice they received, the report found that wealthy Australians preferred to get their advice from a single source, with just one in five saying they sought recommendations from multiple experts.
The report found that HNWIs had mixed feeling about in-house products, with 55 per cent reporting that they were at least somewhat comfortable with them, while 45 per cent said they were uncomfortable with them.
Data from the report also found that more than 60 per cent of HNWIs preferred to use financial and lifetime goals as a measurement, rather than a benchmark.
AUTHOR
Nicholas O'Donoghue
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025 with 241 candidates attempting the test.
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.
