Women more satisfied with advisers
Female investors and those under 45 are the most satisfied with their financial advisers while satisfaction levels among those aged over 60 have dropped, a Lifeplan survey showed.
The ICFS Financial Advice Satisfaction index revealed the perception of advisers among female investors has improved across all drivers compared to six months ago, including trust, reliability, technical ability and investment performance.
However, head of Lifeplan, Matt Walsh, observed that perceptions by male investors had worsened slightly, similar to last year's trend, adding that this was unusual.
"While women tend to have a more positive view of their financial adviser than men do, in past surveys satisfaction levels between the genders have usually mirrored each other," Walsh said.
"This is the first time there has been such a dramatic divergence across all three drivers of satisfaction between female and male investors."
Walsh also found it encouraging that investors under 45 were more satisfied with the technical ability of their financial adviser compared to six months ago, but noted trust and reliability remained at the same level.
"For the past few years, financial advisers have been made aware they must do more to broaden their client base. These results suggest that this advice has been acted on, and advisers are doing much better with clients outside their traditional demographic — that is, with female clients and younger clients," he said.
However, he warned advisers not to neglect older, established clients who were approaching retirement as they were vulnerable to market volatility and low yields from the bond market, but whose satisfaction levels in the advisers' technical ability had dropped.
"Older investors and those with the most to invest — usually the same group — are clearly seeking effective and appropriate strategies that can deal with market turmoil," he said.
AUTHOR
Malavika Santhebennur
Recommended for you
Insignia Financial has issued a statement to the ASX regarding a potential bid from a third global private equity business to acquire the firm.
More than 30 advisers fell off the FAR during the Christmas and New Year period, according to Wealth Data, with half of these coming from licensee giant Entireti.
With next-generation heirs unlikely to retain their family’s financial advisers after receiving an inheritance, Capgemini has explored how firms can work with younger generations to maintain a relationship.
The use of technology and data analytics will be a way for advice firms to grow in 2025, according to Adviser Ratings, with those who are using it successfully reporting 10 per cent higher profit margins.
