The latest Lifeplan ICFS Financial Advice Satisfaction Index found that the attitudes towards financial advisers between men and women diverged for the first time since the survey started in 2007.
“The perceptions of female clients have increased in the latest survey, while male perceptions have dropped significantly,” said Lifeplan head Matt Walsh.
“One possible reason for the positive response from female clients could be that women are more attracted to the holistic services increasingly being offered by financial advisers.”
The survey, conducted by the University of Adelaide, found the perceptions of adviser trust and reliability, technical ability and investment performance took a sharp drop compared to a steady upwards trend over the last two years.
Falling satisfaction levels of male clients triggered the drop despite perceptions historically moving in the same general direction of the ASX200.
This is the first time the survey has shifted in the opposite direction to the market, directly linked to the impact of a decline in perceptions of trust and reliability by male clients.
The survey also found that women tended to stay with their financial adviser for longer than their male counterparts.
“This suggests financial advisers may find it worthwhile focussing on building their female client base, as women could be more likely to stay with their adviser over the long-term and gain value from the relationship” Mr Walsh said.
“However, financial advisers will need to find way to address the concerns of male clients, who seem to be more critical of their advisers.”
