Lifeplan Funds Management and the University of Adelaide have completed their biannual survey of financial advice clients, finding an overall improvement in satisfaction levels.
According to the most recent survey of 408 investors who use financial advisers, released today, overall satisfaction with professional advice services has risen 2.6 per cent, accounted for primarily by a 9.11 per cent increase in perception of performance.
The survey also found a 5.6 per cent increase in perception of trust and reliability, offset by a drop of 4.3 per cent in perception of technical ability.
Investors in the 30-34 age group, as well as high net-worth investors aged over 60, are more satisfied with their financial adviser than other investors, the survey found.
“Those in the 30-34 age group are tracking a better outcome of all three perception measures, while those aged 60 and over also show increased satisfaction on all three measures as their investment levels increase,” said Lifeplan head Matt Walsh.
“This survey’s findings have practical implications for how financial planners manage relationships with different client segments. For instance, knowing that clients in the 30-34 age group feel comfortable with the advice they are receiving, means advisers can concentrate their efforts on reassuring those investors who have not recorded such positive perceptions,” Mr Walsh said.
“These longer-term clients also provide an opportunity in terms of word of mouth referrals, and advisers should capitalise on their clients’ willingness to recommend their financial adviser to a friend or acquaintance.”
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