The Financial Planning Association (FPA) has welcomed the corporate watchdog’s financial advice research that found consumers who received financial advice were four times more likely to say they had a “great deal” of confidence in advisers.
The Australian Securities and Investments Commission’s report found 41% of Australians intended to receive financial advice in the future and that the number of people who received advice had risen 27%.
The report noted that 79% of respondents agreed financial advisers had expertise in financial matters they did not have.
The FPA’s chief executive, Dante De Gori, also acknowledged the research indicated barriers such as financial advice costs remained an issue for the industry.
“The FPA remains committed to working cooperatively with financial planners, the government and the industry more broadly to support the growth of our profession for the benefit of consumers,” he said.