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 permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
Industry body SIAA has said the falling number of financial advisers in Australia is a key issue impacting the attractiveness and investor participation of both public and private markets.
