New research has found financial planners have relaxed the boundaries that determine to whom financial advice will be provided.
Advisers are now willing to offer their services to a wider range of consumers by lowering their investable assets threshold, new research has shown.
Undertaken on behalf of ING, the Nielsen study revealed more financial planners now consider an asset base of less than $100,000, or even $50,000, as appropriate to qualify the individual for advice.
However, the majority of planners still feel individuals need to have $100,000 or more in investable assets, before advice will be provided.
"Our interpretation of the results is advisers are still focused on the traditional $100,000 or more client but they are not looking at it as such a strict cut off point," ING Australia executive director of sales and marketing Ross Barnwell said.
The change in approach stems from the difficult current economic conditions and improved processes, and is a positive development, according to Barnwell.
Another finding from the research showed 16 per cent of clients invested all of their funds in line with the recommendation of their financial adviser, compared to 17 per cent last year.
Barnwell said this statistic has identified an opportunity for financial planners.
"Clients are looking for advisers to fully understand their holistic position," he said.
The study also revealed 52 per cent of clients were very satisfied with their financial adviser, down from 57 per cent last year. Barnwell attributed this result to poor returns and not poor advice.
Over 700 consumers and in excess of 250 advisers took part in the survey, which was conducted over June and July this year.
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