Experienced clients trust their advisers
Just a day after research revealing clients wanted to pay no more than $300 to visit their financial advisers, Lifeplan Funds Management has released a survey revealing investors are satisfied with the trustworthiness and knowledge of their advisers.
The latest Lifeplan ICFS Financial Advice Satisfaction Index, the result of a survey of 418 investors using financial advisers, found that while respondents were pessimistic about the performance of their investments they were satisfied with their planners.
Commenting on the results, Lifeplan head Matt Walsh said that despite continued negative reports about the financial planning profession, it was clear that investors who used an adviser valued the relationship and had a high level of trust in their adviser.
“The level of trust amongst clients is much higher than trust amongst non-clients, as shown by the recent Roy Morgan survey,” he said.
Walsh said this indicated the value of satisfied clients promoting the value of financial advice and also generating new business development through referrals and word-of-mouth.
According to the survey, the group showing highest regard for their advisers were those aged over 60, with Walsh suggesting this indicated they had witnessed their adviser’s technical ability over time and in different market conditions.
The survey also indicated that those who had had a relationship with their adviser for longer than five years were among the most satisfied.
“Despite having experienced the global financial crisis and subsequent market downturn, this group remains happy with their financial adviser, suggesting they recognize the value of financial advice and the role it plays in developing long-term strategies to withstand economic and market cycles,” Walsh said.
AUTHOR
Mike Taylor
Recommended for you
WT Financial has announced its second “Hubco” with a combined valuation of $7.8 million, while its first one has successfully incorporated and is now making its own acquisitions.
Remediation and litigation costs have led AMP to announce a reduced statutory net profit after tax of $98 million for the first half of 2025.
Stakeholders in the professional year discussion underscore the challenges in the current pipeline and what is holding back licensees from taking on new candidates.
Colonial First State has partnered with JP Morgan Asset Management to make its inaugural private equity allocation, continuing the firm’s expansion into unlisted asset classes.
