Survey finds ‘independent’ adviser clients more satisfied
Investors who have independent advisers as opposed to ‘attached’ advisers are “significantly more satisfied with the planners’ advisory process”, according to a survey by the University of Adelaide business school.
The Internet-based survey, entitled ‘Are Investors better off with Financial Advisers? — Perceptions of Australian Investors’, was conducted last year by Dr Akbar Z Ali, director of the university’s undergraduate program.
The research was conducted to understand Australian investors’ perception of ‘independent’ and ‘attached’ advisers, and the level of satisfaction derived from their advisory relationship, he said.
It found specifically that ‘independent’ advisers are better able to understand their clients’ financial circumstances, objectives and constraints.
Independent advisers are also perceived to recommend products that match a client’s investment objectives by recommending a product list restricted only by the quality of product and not by their affiliation with product providers.
Another key finding was that independent advisers are strong advocates of their advisers’ services to their colleagues, compared to clients with attached advisers.
Recommended for you
A quarter of advisers who commenced on the FAR within the last two years have already switched licensees or practices, adding validity to practice owners’ professional year (PY) concerns.
Integrated wealth and financial services group Rethink has launched a financial planning arm called Rethink Wealth to expand beyond property investing and into holistic wealth management.
While adviser numbers continue to slowly creep back up, the latest Wealth Data analysis reveals they would actually be in the green for the calendar year if it weren’t for so many losses in the limited advice space.
Iress has appointed a chief AI officer to spearhead the fintech’s strategic focus on AI, with chief executive Marcus Price describing how the technology opens the doors to a “new frontier for wealth advice”.
