Investors aged under 30 are, of any group, the most satisfied with their financial adviser, Lifeplan Funds Management says.
Gen Y investors now sit just behind the over-60s age group in terms of advice advocacy, according to the April 2015 Lifeplan ICFS Financial Advice Satisfaction Index.
“This survey sees a very strong increase in the levels of advocacy by the lowest net worth and younger investors,” Lifeplan head Matt Walsh said.
The survey indicated that investors with less than $50,000 are more positive toward their adviser than those with higher levels of wealth.
“This result may indicate that financial advisers are doing a good job of taking care of entry level investors,” Mr Walsh said.
“It is clear that Generations Y and Generations X will increasingly account for a larger part of a financial adviser’s client base.
“These survey results underline the importance of ensuring advisers meet the needs of all their clients, and not just the about-to-retire and newly-retired baby boomer generation.
“Gen X and Gen Y will eventually be the recipients of huge levels of intergenerational wealth transfer, so ensuring advisers provide these investors with good advice now, will stand them in good stead when these younger clients have even larger amounts to invest,” he said.
Mr Walsh also noted concern that those aged between 45 and 60 are the most dissatisfied with their adviser, with advisers increasingly focusing on this group to grow their business.
“Our view is that more needs to be done to keep them happy,” he said.
The survey found that among the three drivers of advocacy – performance; trust and reliability; and technical abilities – satisfaction with performance increased by 1.24 per cent from the last survey six months ago.
Trust and reliability increased by 0.81 per cent while technical abilities increased 0.17 per cent.
The results are based on the survey of 409 investors who use advisers.
SUBSCRIBE TO THE IFA DAILY BULLETIN
24 Jan 2018CBA compensation payout hits $6.87m and risingBy Staff Reporter
23 Jan 2018Financial advice changing of guard ‘positive’By Staff Reporter
23 Jan 2018Royal commission, best interests duty and 2018 outlookBy Staff Reporter
23 Jan 2018Advisers challenged by geopolitical climate: reportBy Staff Reporter
23 Jan 2018ASIC to shadow shop mortgage brokersBy Annie Kane
22 Jan 2018Consumers less confident buying insurance onlineBy Staff Reporter
- view all