We’re turning to planners – slowly

Australians are only slightly more likely to seek the services of a financial planner when looking for financial guidance than an accountant, family member or bank manager, according to Roy Morgan Research.

A survey commissioned by the Financial Planning Association has found that 28 per cent of respondents would choose financial planners, while 26 per cent would choose a family member, 23 per cent an accountant and 21 per cent a bank manager.

While financial planners do not command dominant recognition as the number one source of financial advice, they have increased their share of the market from accountants and bank managers.

The original survey in June last year showed 27 per cent would choose financial planners, 28 per cent accountants and 28 per cent bank managers and 1.3 per cent life insurance agents. Life agents' share has since fallen to fewer than one per cent.

Financial planners targeting high net worth individuals can also take heart from the survey. Just under half of all people with an income greater than $50,000 said they would approach a financial planner for advice compared to 35 per cent in June last year.

Australians perceive financial planners to be primarily involved in investment advice. Just over half are aware that financial planners provide investment advice, while superannuation, budgeting and retirement planning all registered for about one in seven respondents.