Consumers searching for a financial adviser are less likely to look for someone who specialises in a particular area, BT Financial Group has revealed.
The insight has been garnered from a review of the searches conducted by consumers on BTFG’s new Adviser View service. Adviser View, which was launched in October 2014, is an online pubic adviser register, covering advisers in the Westpac, St George, Bank of Melbourne and BankSA networks (see: BT Launches Adviser Register).
According to BTFG, there have been over 21,000 searches for advisers on the site since its launch. However, speciality searches have not been widely used. Among the areas of specialisation consumers can select are: personal insurance, life insurance, business insurance and estate planning. The wealth manager said the fact that these terms have not been widely searched indicates that consumers don’t have a good understanding of the range of areas where financial advisers can assist.
The most popular search preference selected, to date, has been by location, suggesting accessibility to an advisers is a key issue for consumers.
Other key findings from the analysis show that Baby Boomers are the most likely to be seeking advice (34% of those using the search function were aged between 55-64 years), and that men in this age group were twice as likely than women to have conducted a search.
The message we are hearing from consumers is that getting financial advice feels good and it is worthwhile
“Ensuring Australians can access financial advice how and when they want to, via sites such as Adviser View, means more Australians will have the opportunity to prepare for their futures and have better financial outcomes as a result,” said BTFG General Manager of Advice, Mark Spiers.
“The message we are hearing from consumers is that getting financial advice feels good and it is worthwhile, terrific recognition of what the Australian financial advice industry can be,” he said.
The register also enables clients to rate their adviser on things like their knowledge and expertise, whether they responded appropriately to the clients’ needs, and whether they would recommend the adviser to others.
“Adviser View lifts the lid on what our customers think of their financial advice experience,” Mr Spiers continued. “It provides them with a forum to give honest feedback on their adviser, the value of their advice, as well as information on their adviser’s education and professional backgrounds.”
“We were confident that giving Australian consumers the power to search and compare financial advisers and to read honest and untouched feedback from other consumers is a great step towards building more trust in our industry,” he concluded.
