Survey reveals ready market for financial advice
The market for quality financial advice appears to remain buoyant with new research released by MLC revealing that fewer than three-in-10 Australians have sought any kind of advice on key money matters in the past two years and with most being dissatisfied with their current situation.
What is more, the MLC Wealth Sentiment Survey conducted in the final quarter of last year has confirmed that those who do actually seek advice from a planner are generally happy with the outcome.
It found that just under three-in-10 Australians had sought some sort of financial advice, including guidance from a financial planner or accountant, friends or family, or from digital channels but that it was advice from a professional that rated most highly.
The survey found that 82 per cent of those who used a financial planner rated the advice as ‘good’ to ‘excellent’.
Respondents said they rated the financial planning advice they received favourably because it was tailored to their specific needs, the planner identified and understood their investing purposes and goals, and because the planner looked at risk and ways to minimise it.
Commenting on the survey outcome, NAB executive general manager of wealth advice, Greg Miller said what his organisation tended to see was that people were busy and were overwhelmed by all the financial decisions they had to make.
“It’s natural that having a professional do the legwork and guiding you through such an important part of life takes a lot of the stress away,” he said.
Among other important findings from the survey was that around one-in-two Australians did not believe they would have enough to retire on, and that nine out of 10 Australians did not consider themselves to be wealthy.
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
