The number of Australians seeking professional financial advice has grown, with more saying they trust advisers over family when it comes to investing, according to a new Legg Mason survey.
In a statement, the firm said 33 per cent of Australian investors seek professional sources for financial advice, up from 27 per cent last year.
At the same time, 72 per cent of investors said they had "total trust" in financial advisers and 48 per cent said they trusted financial news. Meanwhile, 42 per cent chose their families for financial advice.
When it came to understanding their superannuation, 62 per cent of investors said seeking advice was a "key way" to achieve this.
More than of half of respondents (53 per cent) also said they are losing confidence in the super system because of various changes in government.
The survey also found that 80 per cent of Millennial investors around the world are likely to use financial advisers, compared to 46 per cent of older investors.
In Australia, 65 per cent of Millennials will seek advice compared to 33 per cent of older investors.
More than half of female investors, on the other hand, are more likely to trust their family, friends and co-workers for advice. About 30 per cent of men agree with this.
Matt Schiffman, Legg Mason global head of distribution marketing, said the survey results demonstrate an opportunity for financial advisers.
"While advisers are being used by an increasing number of Australians, there are still many investors in Australia not receiving professional financial advice," he said.
"This is creating a real opportunity for financial advisers to develop a clear and concise value proposition in their own marketing to investors."
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 15 Aug 2018CFS ‘retained’ adviser commissions: RCBy Killian Plastow and Tim Stewart
- 15 Aug 2018Suncorp urged advisers to maintain commissionsBy Jessica Yun
- 15 Aug 2018Hostplus spent $260,000 on tennis ticketsBy Tim Stewart
- 14 Aug 2018RC challenges NAB on ASIC interactionsBy Killian Plastow
- 14 Aug 2018Judgement issued in DomaCom SMSF appealBy Miranda Brownlee
- 14 Aug 2018Hub24 agrees to distribute Challenger annuitiesBy Reporter
- view all