Australians trust banks more than advisers
Yet more research has emerged that Australians are more inclined to value financial advice provided by friends and family to that provided by financial advisers.
However, the same research suggests Australian consumers are inclined to trust their banks.
The latest research has been released by Datamonitor and claims that in the majority of markets such as Australia and Japan, the opinion and advice of friends and family rank ahead of all financial services institutions in terms of how much consumers trust them when it comes to their finances such as insurance.
“Specialists in insurance such as insurers themselves or financial advisers such as brokers are trusted strongly by only a minority of consumers (18.5 per cent and 20.4 per cent respectively) and their word is normally trusted considerably less than the non-expert advice,” Datamonitor senior analyst Andrew Haslip said.
The Datamonitor research found that 40.4 per cent of Australians professed to completely or greatly trust their national bank.
“This situation reflects the stable and well established position of the large domestic banks in the region and is particularly important for the insurance market, as many of the big banks are also active in the large home and care insurance markets,” Haslip said.
AUTHOR
Mike Taylor
Recommended for you
AMP CEO Alexis George has said addressing Australians’ retirement concerns should be "front and centre for policymakers” after its research revealed only half of Australians are confident about their retirement.
LGT Crestone has announced a rebrand, marking a “decisive milestone” following its acquisition of Commonwealth Bank’s high-net-worth financial advisory business in June.
The launch of a low-cost menu for BT Panorama will allow advisers to service a wider range of clients from one platform and potentially run a more profitable business, according to specialist Recep Peker.
Retail investment into private credit funds could surpass that of sophisticated investors, according to ASIC, but the regulator admits it is unsure how and where these individuals are first being introduced to the vehicles.
