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More than one in four have had it and 41% of Australians say they intend to get it1. What do consumers really think about financial advice?
New research released by the Australian Securities and Investments Commission (ASIC)2 shows that 27% of Australians have received financial advice tailored to their personal circumstances. Of those, 12% have received advice in the past 12 months.
And two in five Australians intend to get financial advice in the future, with investments and retirement income planning the top topics that Australians want advice on.
The research found more than half of all Australians agreed that using a financial adviser could provide peace of mind about the future, while almost four in five Australians felt financial advisers had expertise in financial matters that they did not.
The most commonly selected topics Australians have received or want advice on are:
– Investments (such as shares and managed funds)
– Retirement income planning
– Growing superannuation
– Budgeting or cash-flow management
– Aged care planning
Source: Financial advice: What consumers really think, 26 August 2019, ASIC
Despite the expertise in financial matters and peace of mind that getting financial advice could achieve, the research found there were still barriers preventing some people following through on getting financial advice.
The top three barriers across Australia to getting financial advice were the cost of advice, a customer’s belief that their financial circumstances were too small to warrant advice, and enjoyment of self-managing finances.
Industry trust was also an issue for some respondents.
Survey participants reporting these barriers to seeking advice were more likely to be in a younger demographic and less engaged with their finances.
The top attributes Australians look for in a financial adviser are:
– Level of experience
– The ability to talk to customers in a way they can understand
– Taking the time to understand the customer and their goals
– Low cost
For 25 years, QSuper has been providing members access to financial advice via QInvest.3
QInvest’s longest-serving financial adviser, Brisbane-based Scott Campbell, says during his 18 years in the business he has seen people move to wanting more comprehensive, ongoing advice to suit their needs at all life stages.
“Depending on their needs, we might be discussing budgeting, debt management, tax, Centrelink entitlements or aged care living, among other things,’’ he says.
“While the core of our business is still dealing with people actively planning for retirement and in retirement, it is now a much broader and more complex scope of advice that clients are looking for.”
Townsville-based adviser Jayne Bawden says she has seen an increase in women looking for financial advice.
“While we have a lot of couples coming in, I am also seeing a lot of single women in their later years looking for comprehensive advice ahead of retirement,” she says.
“They may be single due to widowhood or choice, but there is definitely more of an awareness out there now that they do need advice.”
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The views of the QInvest representative are not necessarily the views of QInvest Limited. This is general information only and you should get professional advice before relying on it.
1. Australian Securities and Investments Commission (ASIC), August 2019, Financial advice: What consumers really think, Report 627, accessed 29 August 2019 at asic.gov.au
2. Media Release, 26 August 2019, Consumers see value in financial advice, but lack of trust remains an issue, at asic.gov.au
3. QInvest Limited (ABN 35 063 511 580, AFSL 238274) is a separate legal entity responsible for the financial services it provides. When you receive personal advice from QInvest, the QSuper Board may pay for some or all the advice fee for advice related to your QSuper benefit. Eligibility conditions and advice fees may apply. Refer to the Financial Services Guide for more information.
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