Financial planners are still struggling to gain public trust with new research confirming that trust levels have not sustainability improved since 2009.
Roy Morgan has released its Superannuation and Wealth Management report in which it has revealed that, overall, trust in financial planners for ethics and honesty has shown no real improvement since 2009, and actually slipped back two points in the current survey period.
However, almost contradicting the low level of trust in planner ethics, the same research showed that consumers who purchased their superannuation through an independent financial planner or adviser were the most satisfied (71.3 per cent), with the second most satisfied group being those who purchased it through an accountant.
Superannuation obtained via an employer garnered the least satisfaction in terms of performance (56.6 per cent).
Commenting on the research results, Roy Morgan communications director, Norman Morris pointed to the continuing confusion and mistrust surrounding financial planning.
“Our research shows those who seek independent professional advice are much more satisfied with the performance of their superannuation. However, it seems confusion and mistrust cause many people to avoid seeking financial advice at all,” he said.
“This represents a major opportunity for financial advisors to find new ways to engage with the Australian public, especially younger audiences,” Morris said. “If the advisers can find ways to overcome issues of trust and independence there is a huge potential market for their advice.”
“Making financial advice more accessible to Australian’s should be a key focus for the industry, to improve investment returns, build wealth and grow member satisfaction.”