The CFA Institute Global Market Sentiment Survey 2014 found 26 per cent of members globally felt the US equity market will provide the best investment opportunities next year, followed by China at 10 per cent.
A six per cent proportion of members felt Japan will provide opportunities, followed by Germany, also at six per cent, and Brazil at five per cent.
On a global basis, 63 per cent of all the members surveyed thought the economy would expand.
“By far the predominant asset class was equities,” CFA Society Perth president Jason Chesters said.
“If you take the Australian respondents, 52 per cent of Australian members thought the Australian economy will improve, but on that same token 32 per cent thought it would stay the same,” Mr Chesters said.
“By far the bulk thought things wouldn’t get any worse, which I suppose is the key point to make,” he said.
“Again, equities were the preferred asset class there as well.”
Mr Chesters pointed out that ethical problems were one of the main findings of the survey, which was drawn from more than 6,500 surveyed members in over 110 countries.
Concerns about mis-selling – or inappropriate advice – by financial advisers increased significantly over the past year in Australia, despite the government’s stated intention to restore public confidence in the finance industry in the aftermath of the global financial crisis.
Almost half – 48 per cent – of Australian members regard mis-selling as the most serious ethical issue facing the local market in the coming year, rising from 36 per cent last year.
“Our Australian members are showing increasing concern that the Future of Financial Advice (FOFA) reforms have yet to address the issue of mis-selling by financial advisers,” Mr Chesters said.
“This is perhaps exacerbated by indications that the new government will change ‘best interest’ provisions as part of the rollback of FOFA.
“We acknowledge the government’s desire to reduce red tape but encourage it to implement policy that improves Australians’ access to high quality advice that is in their best interest.”
