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Advisers unhappy with personal banking options

A majority of financial advisers are dissatisfied with their personal banking provider, new research has found.

The survey by BOQ Specialist, a private banking service for professionals, found just 48 per cent of advisers were satisfied with the fees charged by their bank.

Mistrust of banks also seemed to be common among advisers, with survey results indicating 40.8 per cent agreed it was hard to find an institution they trusted.

Moreover, 33.5 per cent of advisers felt there was a need for a premium personal banking service that took into account their profession.

Value for money was the main feature advisers looked for in a bank, with 93.2 per cent agreeing it was important.

Low fees and charges were deemed important by 48.2 per cent of advisers, good customer service by 45.5 per cent and competitive interest rates by 43.5 per cent.

In a statement, BOQ Specialist head of adviser services Gareth Bird said few institutions catered to the specific needs of advisers.

“Financial planners are an important market for us with a distinct set of personal banking requirements and to date, we believe there have been very few banking packages tailored specifically for financial planners themselves,” he said.

The survey also asked advisers about their personal financial goals and identified a secure retirement as the major priority for most respondents.

According to the results, 29.3 per cent of advisers cited retiring debt-free as their main goal while 19.9 per cent prioritised retiring early.

Other major financial goals identified by advisers included paying off a mortgage (11 per cent), passing wealth to family members (9.9 per cent) and taking a yearly overseas holiday (9.4 per cent).