A survey conducted by State Super FS found a “vast majority” of the 2,500 public sector employees surveyed thought that in order to establish trust with an adviser, a “face-to-face initial meeting was preferred”.
“However, once an initial in-person rapport is built, almost half of those surveyed (47 per cent) were comfortable using other channels such as phone and internet to maintain their relationship,” a State Super FS statement said.
State Super FS general manager Sean Bradley said the research showed the initial formation of trust and demonstration of value are “critical in establishing relationships”.
“While face-to-face remains supreme, there is strong customer demand for flexibility in the channels clients use to maintain contact with their financial planner,” Mr Bradley said.
According to the research, the “clear standout barriers” to gaining greater financial control are a lack of knowledge and experience, uncertainty about legislation and the economy, he said.
“Half of those surveyed said having a financial plan in place would give them greater confidence, however, we know that significantly fewer seek advice,” Mr Bradley said.
At least 20 per cent of Australia’s $1.8 trillion superannuation pool comprises public sector employees, he said.
“Like all employees, those in the public sector will benefit from advice the earlier they seek and receive it,” Mr Bradley said.
“However, it’s important in so doing they seek it from a financial planner who understands their special superannuation environment.”
Less over the top compliance……replace with SUPERVISION. It’s a win win, unless you’re a class action lawyer looking for another case to pursue.
Every industry will have cowboys and every industry will have thieves n crooks. One thing is for sure, YOU CAN NOT EDUCATE OR DO A COURSE to fix the problems. Every CBA, Macquarie, & Storm adviser was educated & RG146 credited. A FACT conveniently left out of all the course flogging institutions drum beating & course flogging rants. You can not educate morals, scruples or heart. You either have it or you don’t . It’s up to ASIC, dealer groups and industry bodies(if they can focus on this rather than flogging memberships n courses) to weed out bad behaviour PROMPTLY. Listening FPA? Listening AFA? Do you even have ears ASIC? Is anyone there ASIC? Hello……
Agree on the SOA and PDS comment.
But clients have lost money, how does the Industry protect itself from Clients that trust the wrong person?
At the moment the protection of PDS and SOA seems ignored from what I hear about recent cases.
Wonder what a survey on 40 page SOA’s would deliver? While your there, add what do you think about 100 page PDS’s etc.