New research suggests Australian advice-seekers consider the financial advice they receive to be ‘very’ or ‘extremely’ worthwhile.
In a statement yesterday, Mortgage Choice revealed data from its yet-to-be-released ‘Evolving Great Australian Dream’ white paper, which surveyed 1,043 people from across Australia.
The white paper revealed that 28 per cent of respondents found getting financial advice was ‘extremely worthwhile’ and 35.4 per cent said it was ‘very worthwhile’ with 29.8 per cent saying it was ‘somewhat worthwhile’.
According to the research, 5.9 per cent said getting advice was ‘marginally worthwhile’ and 0.9 per cent said it was ‘not really worthwhile’.
Mortgage Choice chief executive John Flavell said that while there is still work to be done in educating Australians on the value of seeking financial advice, the sector is seeing improvements in this area.
“Australians who seek advice can clearly see benefit in doing so. We need to get that message out to the broader community,” Mr Flavell said
“With people living longer than ever before, it is fair to assume that many Australians may need in excess of $1 million in order to live a ‘comfortable’ lifestyle in retirement.
“Unfortunately, most Australians will not have this kind of money sitting in their super when they reach retirement age. This is why it is so important for Australians to seek financial advice as early as possible. We know that the majority of Australians who seek professional financial advice are happy they did so, so we need to get more people seeing financial advisers in the first place.”
Superannuation is the asset class with the biggest loss to date in 2022.
Managed accounts are key to ensuring the sustainability of an advice practice, experts have said.
Insignia believes advisers should be issued a practicing certificate by a centralised body.
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