Advisers more trusted than media, Government on COVID-19

Advised Australians regard their financial adviser as their most trusted source of information on the implications of the COVID-19 pandemic, suggesting advisers are being used as life coaches in moments that matter, according to MLC Wealth.

MLC Wealth’s latest survey on sentiment and the impact of the pandemic found advisers (41%) were being trusted more than other sources of information including TV (16%) and Government communication (10%) for advised clients.

Those without an adviser trusted Government communication (23%) the most, followed by TV (15%), online (14%), and their superannuation fund provider (12%).

The survey found the most pressing concern for investors were the impact on the economy (85%), followed by investment market shifts and ramifications for investments and superannuation (82%), health and wellbeing of the community (78%), and family members (77%).

MLC Wealth chief executive, Geoff Lloyd, said: “Advised Australians, including our clients and those with financial advisers in other groups, told us their adviser was their primary source of truth for information on the pandemic, suggesting many see their adviser as a ‘life coach’ in moments that matter, like now.

“MLC’s enduring belief is that good financial advice is worth it. This research shows that in moments like these, clients share this view.”

Lloyd noted that these were very tough times for Australians and this lead to “next-level responsibility for financial advisers in addressing client needs”.

“In addition to supporting new initiatives to help people in hardship, the loud-and-clear message to our industry from this research is to continue with timely and relevant communication, information and strategies,” he said.