Planner public perception boosted

Improvements in disclosure appear to be resulting in a more favourable public perception of financial planners, according to new research by finance and accounting body, CPA Australia.

Its annual ‘Confidence in Corporate Reporting Survey 2004’ reveals high levels of satisfaction in planners by consumers as well as business executives.

The survey comprised interviews with 300 consumers, 150 planners, analysts, and stockbrokers, and 200 chief executives, chief financial officers and company directors.

CPA Australia manager of financial planning Chris Benson described the results as “encouraging” in light of the negative findings of the shadow shopper survey 18 months ago by the Australian Consumer Association (ACA) and the Australian Securities and Investment Commission (ASIC).

Benson said “improvements in disclosure may explain the more favourable perceptions of financial planners revealed by the survey”.

The survey revealed 81 per cent of respondents - across its seven demographic categories - were satisfied with planners as a source of information.

Consumers, as a category, had most confidence in the integrity of business media (68 per cent) as an information source, followed by planners (64 per cent).

A total of 62 per cent of active shareholders and 72 per cent of passive shareholders said planners have a lot, or some influence on their investment decisions, according to the survey.