More trust in planners

Research commissioned by the Association of Superannuation Funds of Australia (ASFA) has confirmed that an increasing number of superannuation fund members use financial planners, with many benefiting from the relationship.

The research, undertaken by ANOP and presented at the ASFA national conference on the Golf Coast, revealed that those using financial planners were significantly more aware of superannuation issues and, therefore, much more likely to have taken advantage of the Government’s recent ‘better super’ changes.

According to the ANOP data, people have financial planners for their expertise and because they need help with complex investment issues.

By comparison, those people who responded to the ANOP survey indicating that they did not need a financial planner did so for reasons such as not believing they needed such help, the cost and their ability to do things themselves.

The ANOP research suggested that those using financial planners tended to be wealthier, older and, more often, women.

The ANOP analysis said that of greater significance in understanding the use of financial planners was the reasons given by respondents for not using them.

“And those reasons are all circumstantial — no need, cost, can do it myself and already have appropriate advice elsewhere,” ANOP director Margaret Gibbs said.

She said that, significantly, there were very few mentions of mistrust or doubts about competence or lack of independence.