There is both good and sobering news stemming from the results of a new\u00a0survey into consumer attitudes towards financial advisers.<\/p>\n
Conducted by the AFA<\/a> in association with industry research group, CoreData<\/a>, the survey’s key findings were that consumers who have\u00a0financial advisers:<\/p>\n <\/p>\n The research also found that consumers who did have financial advisers ranked them\u00a0the third most trusted of all\u00a0professions, \u00a0behind only medical specialists and dentists.<\/p>\n AFA CEO, Richard Klipin<\/strong>, commented that the findings indicate\u00a0the Government has seriously misread the major issues relating to financial advice:<\/p>\n “The research clearly demonstrates that there is great value in financial advice – otherwise, those who received advice would not have rated advisers so highly.”<\/p>\n “However, the Government, with its fixation on adviser remuneration, appears to have blinkered vision around the real issues – which is Australians need financial advice and are better off when they receive it,” added Mr Klipin.<\/p>\n In relation to\u00a0payment for advice, the research revealed there is no overwhelming evidence to support that consumers want to pay for advice in any one particular way: “What they really want is value for money and the cost of advice to be transparent and agreed by them upfront,” Mr Klipin said, “And that is what they are currently get.”<\/p>\n While this\u00a0perspective of financial advisers through the eyes of their clients offers a very positive message about the value of the services they provide, the research also unveiled a\u00a0consumer attitude that perceives home and contents insurance, comprehensive car insurance and medical insurance\u00a0all to be more important than life and income protection insurance.<\/p>\n Even\u00a0those consumers with advisers, although they\u00a0rated the importance of all\u00a0insurance higher than those who did not, still felt home and car insurance was more important than life and income protection cover.<\/p>\n\n
… the Government… appears to have blinkered vision around the real issues<\/h6>\n
… consumers perceive home and contents insurance… \u00a0to be more important than life and income protection insurance<\/h6>\n