More than four in five clients have high levels of trust in their financial planners, according to a new study by the Financial Services Council (FSC).
The study, supported by a grant from the Australian Research Council in partnership with the FSC, found 84 per cent of respondents reported high levels of trust in their adviser, and 80 per cent saying they are satisfied with their adviser.
It also found 80 per cent of respondents said they would recommend their adviser.
The research, titled ‘Funding our future: Perceptions of the value in financial advice’, was led by a team of researchers from the University of Adelaide, the University of Technology Sydney and the University of Western Australia.
FSC chief executive Sally Loane said: “The research findings, that show an overwhelming majority of clients are satisfied with their financial planner, goes to show there is fantastic work being done by the industry on a daily basis that goes largely unreported.
“To encourage more Australians to seek financial planning advice, we need to gain a better understanding of the value experience people get when engaging a financial planner.”