Clients want transparency – survey
Dan Powell
Clients want more transparency on what goes into fees paid to advisers, according to the latest research commissioned by major insurer ING Australia.
The Nielsen survey, commissioned by ING, tested the views of over 700 consumers and 300 financial advisers in a bid to better understand consumer perceptions of financial advice, and it threw up some interesting findings for the financial planning community.
What it found is that consumer satisfaction with advisers is rising but so are expectations, that the void is widening for advisers to clearly explain the products they are recommending and that both advisers and consumers agree that the two most important adviser attributes are honesty and trust and understanding financial goals.
The survey also found that advisers and consumers also agree that advisers need to take clear accountability for their recommendations.
Commenting on the survey outcome, ING executive director of sales and marketing Dan Powell said the key finding was that clients were willing to pay for quality advice but expect advisers to be able to clearly articulate their value and fee structure.
“The debate is not about fee-for-service versus commission, it’s about the provision of quality advice and the overall outcome,” he said.
AUTHOR
Mike Taylor
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