Planners still number one for advice

financial advice ASX

16 December 1999
| By Stuart Engel |

Independent financial planners remain the number one choice for consumers looking for financial advice, according to the recent Challenger International/ Assirt Invest-ment Sentiment survey.

Independent financial planners remain the number one choice for consumers looking for financial advice, according to the recent Challenger International/ Assirt Invest-ment Sentiment survey.

About 43 per cent of those surveyed named independent financial planners as a source of advice on managed funds or shares compared to 30 per cent for a stock broker and 23 per cent for accountants.

Only 11 per cent said they would buy and sell directly over the Internet, however, more than one in eight say they use the Internet at least once a week to get investment information. Security worries were the major stumbling block in trading on-line, with more than half the investors who were familiar with the Internet saying they would not use it to trade, or were at least slightly concerned about security.

ASX managing director Richard Humphry says the volume of Internet trading is in-creasing by about one per cent a month, and could push the number of trades to 400,000 within a couple of years.

Since June, he says Internet trade had grown from 7 per cent by volume and 1 per cent by value to 12 per cent by volume and 2 per cent by value.

Challenger International marketing general manager Phill Antman says the study shows investors found the Internet a useful tool in researching share prices and other company information, but work needed to be done on security aspects.

"Until this issue is adequately addressed, perceptions of lack of security will continue to be an impediment to further growth in on-line investing," he said.

"The implications for organisation wanting to use the Internet to distribute investment products are very clear."

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 3 weeks ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 3 weeks ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 3 weeks ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

1 week 3 days ago

The Reserve Bank of Australia's latest interest rate announcement has left punters disheartened on Melbourne Cup Day....

1 week 2 days ago

The Federal Court has given a verdict on ASIC’s case against Dixon Advisory director Paul Ryan which had alleged he breached his director duties....

1 week 1 day ago