Affluent Australian investors are more satisfied with the investment performance provided by their financial advisers than those in any other major market, according to a Legg Mason survey.
The 2014 Legg Mason Global Investment Survey found that only 16 per cent of Australian investors who use financial advisers think their advisers should be generating better financial performance, compared to the global average of 52 per cent.
The results also indicated 40 per cent of Australian investors were entirely satisfied with their financial adviser’s service.
The US was the only country with a higher level of satisfaction, with 43 per cent entirely satisfied with the level of service they are receiving.
Australian advisers scored higher than their overseas counterparts when it came to tailoring advice, with 43 per cent of respondents rating their adviser well in this regard and in taking the time to know their client at 45 per cent.
Legg Mason's global head of distribution marketing, Matt Schiffman, said the findings also indicate where Australian advisers can improve the client experience.
“While the standard of advice in Australian is comparatively high from a global standpoint, opportunities exist for advisers to improve their service offering, particularly around responding more rapidly and comprehensively to client needs,” said Mr Schiffman.
Australian advisers scored below their global counterparts in terms of bringing clients unique investment opportunities, with just 30 per cent of investors rating their advisers well in this regard and in asking the right questions at 30 per cent.
The survey also found only 36 per cent of investors in the survey use a financial adviser.
Mr Schiffman said this is a real opportunity for Australian advisers given that Australian investors are less confident than their global peers in their ability to manage their investments, their ability to retire at the age they wish to and about their understanding of financial markets.
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