Planners still preferred choice for advice: FPA
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Research conducted by Investment Trends on behalf of the Financial Planning Association (FPA) has found consumers would rather speak to a financial planner than their super fund for retirement planning advice.
The research comes as a reaction to a new survey conducted for Industry Super Network (ISN), which shows opposite results.
Of those surveyed, 49 per cent would turn to a financial planner, almost a third would turn to an accountant, and 22 per cent would turn to a super fund representative or friends and family.
The FPA research also shows that a strong preference for using a financial planner is true for people with all levels of superannuation assets above $10,000, and increases with super balance.
FPA chief, Mark Rantall, argues Investment Trends’ research reflects the industry’s commitment to consumer protection.
“The FPA … has called for its members to phase out commissions by 2012, a date which the Government also adopted,” said Rantall.
“Many FPA members have already removed commissions or are in the process of doing so,” he added.
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