Clicky

Despite everything planners still most trusted source

Despite all the negative publicity, financial advisers are the most trusted source for getting financial advice, and this is particularly the case for Generations Y and Z, according to new cross-generational research conducted for ING by actuarial research house, Rice Warner.

According to the research, baby boomers and Gen X are turning to advisers to help them stay on top of their finances while younger generations (Gens Y and Z) want assistance with longer-term goals such as family planning, buying a home and retirement.

But the bad news for financial planners is that not one of the generations surveyed appears willing to pay what good advice actually costs.

Related News:

The research found that the average amount Australians expect to pay for an annual strategic plan delivered via face-to-face consultations is:

  • Baby boomers $315
  • Gen X $232
  • Gen Y $316
  • Gen Z $394

However, the research found that Generations Y and Z had higher fee expectations for automated online advice tools when compared to Baby Boomers and Gen X who, on average, expected to pay less than $85, while Gens Y and Z indicated a preparedness to pay more than $195.

Consistent with previous research, the ING study found most people did not believe they would be financially ready to retire, with Gens X, Y and Z thinking they will need between $1.5 million and $1.74 million each in savings to retire – more than double the Association of Superannuation Funds of Australia (ASFA) retirement standard.

Commenting on the report findings, ING head of retail banking, Melanie Evans said Gens X, Y and Z were clearly thinking cautiously about retirement and were under no illusion that you can retire whenever you want without adequate savings.




Related Content

Zenith to provide voting guidance to financial advisers

Zenith has announced it will now provide formal recommendations on how financial advisers should vote in the best interests of their clients on invest...Read more

Scale key to future advice business, Fortnum says

Advice businesses will find the future increasingly challenging unless they can gain the necessary advantages of scale while avoiding issues identifie...Read more

ASIC slaps Spectrum Wealth adviser with three-year ban

The Australian Securities and Investments Commission (ASIC) has banned Spectrum Wealth Advisers’ Gurumukh Singh Mehra from providing financial servi...Read more

Author

Comments

Comments

They will pay a whole lot more than that, if you can earn them more than 2.5% in the bank.

They want quality advice, but aren't prepared to pay for it!...good luck with that.
The "something for nothing generations" may do ok illegally downloading and streaming stuff which effectively steals income from artists and producers, but don't want to pay a reasonable amount for important advice.
It's probably also about the stagnation of wages growth over many years, the ridiculous housing and rental costs and the complete lack of surplus funds to dedicate to financial life planning.
Making your own decisions for free is absolutely fine....until something goes wrong.

Add new comment