BTFG leverages adviser register data

BT Financial Group appears to be leveraging data mined from its new adviser register to gain key insights into what consumers want from financial advisers.

Having launched the new register barely a month ago, the company has today released some of the findings gleaned from consumers, with BTFG General Manager of Advice, Mark Spiers admitting that it has allowed the lid to be lifted on what customers are thinking.

The insights revealed by the register so far include:

• Baby boomers dominate those seeking financial advice; 9 per cent of users aged between 35-44 years; 17 per cent aged between 45-54 years; 34 per cent aged between 55-64 years; and 27 per cent aged 65+ years. Consumers start to become interested in financial advice once they hit their mid-forties.
• Male baby boomers more than double the number of women baby boomers seeking advice. Of the 34 per cent of customers aged between 55-64 years, 10 per cent are female and 23 per cent are male. This gap narrows sharply as men and women move into retirement age.
• Consumers' preference is to search by location, so accessibility to an adviser is a key issue with word of mouth the second way most people source an adviser.
• Speciality searches are used far less, an indication that consumers don't have a good understanding of the range of areas where financial advisers can assist.

Spiers said he believed the Adviser View register ahd lifted the lid on what customers thought of their of their financial advice experience.

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"It provides them with a forum to give honest feedback on their adviser, the value of their advice, as well as information on their adviser's education and professional backgrounds," he said.