{"id":29074,"date":"2015-03-23T16:44:40","date_gmt":"2015-03-23T05:44:40","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=29074"},"modified":"2015-04-08T09:03:55","modified_gmt":"2015-04-07T22:03:55","slug":"research-highlights-importance-of-referrals","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2015\/03\/23\/research-highlights-importance-of-referrals\/","title":{"rendered":"Research Highlights Importance of Referrals"},"content":{"rendered":"

The most important factor for consumers when choosing an adviser is a referral from a trusted source, new research commissioned by Zurich has found.<\/span><\/p>\n

<\/p>\n

\"The<\/a>
The Beddoes Institute Director, Dr Adam Tucker<\/figcaption><\/figure>\n

As part of the industry-first Designing the Future study, conducted on behalf of Zurich by The Beddoes Institute, researchers analysed advice sector trends over the past three years, finding that referrals are the number one reason advice clients sought out the service of their current adviser.<\/p>\n

The study showed that referrals were three times more important to consumers than the next highest consideration factor, which was tailored financial advice. Technical product knowledge was viewed as important by just 3% of those surveyed.<\/p>\n

Further, looking back over the last three years, Beddoes highlighted that consumers\u2019 reliance on referrals has jumped from 37% in 2012 to 43% in 2014.<\/p>\n

Beddoes Director, Dr Adam Tucker<\/strong>, attributed the increase to the low-trust environment in which advisers are operating:<\/p>\n

\u201cOne, it\u2019s the media backdrop. Two, consumers really don\u2019t know what advisers do. I think fee transparency has been an issue, but that is starting to resolve, as we see some of the effects of FoFA being adopted. And there\u2019s this question of \u2018What is the value of a financial adviser \u2013 what use are they?\u2019<\/p>\n

This trust issue is one of the biggest barriers that is preventing people from pursuing an advice relationship<\/h6>\n

\u201cIn contrast, if you\u2019re operating in a high-trust environment, the client is going to tell their adviser more, and they\u2019re going to be able to offer the client better advice and therefore better outcomes.<\/p>\n

\u201cWe know there is a high demand for advice. This trust issue is one of the biggest barriers that is preventing people from pursuing an advice relationship.\u201d<\/p>\n

Zurich\u2019s Head of Marketing and Communications, Richard Dunkerley<\/strong>, added that this finding had ramifications for the way advisers market their businesses.<\/p>\n

\u201cService and product knowledge were way down the end of the scale in terms of importance to consumers. The corollary of this is that those advice practices whose websites focus on the products offered and talk about the advisers\u2019 qualifications and experience, and less about what they\u2019re like as people and how they can be trusted, are completely missing the point.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

The most important factor for consumers when choosing an adviser is a referral from a trusted source, new research commissioned by Zurich has found.<\/p>\n","protected":false},"author":7,"featured_media":29093,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-29074","post","type-post","status-publish","format-standard","has-post-thumbnail","category-general"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/29074","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=29074"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/29074\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/29093"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=29074"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=29074"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=29074"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}