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Planners rank high on client scorecard |
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Planners rank high on client scorecard
Thursday, 15 July 2010 12:55pm
People who use planners love the services they get, but those who have never dealt with planners directly are skeptical, research shows.
According to research by CoreData-brandmanagement, commissioned by the Association of Financial Advisers, investors gave advisers ratings of 7.5 out of 10, ranking them among the top three most trusted people who give professional advice - next only to the family doctor and the dentist.
The caveat is that the high rating comes only from those who already use planner services and already have a strong relationship with them.
Those who don't use planners awarded a much lower trust rating of 4.5, according to the survey of 1054 people.
Richard Klipin, chief executive of the AFA, said the research indicates consumers who have an advice relationship are "better planned and happier with their investments, than those who don't".
"Consumers with advisers rank them the third most trusted professional, after medical specialists and dentists. They look on their adviser as a coach helping them along the path to financial freedom and therefore have greater peace of mind."
The key factor driving loyalty among respondents comes down to simple listening and communication skills.
Taking time to listen and explain things have become the key factor for client loyalty, followed by the availability of their adviser, efficiency of issue resolution and proactive account management.
The key drivers of overall satisfaction are proactive account management, followed by availability, investment return, and taking time to listen and explain things.
For Australians who remain unadvised, the research suggests it's all about addressing market needs.
Around three quarters of those who do not currently seek advice (73.1 per cent) would possibly, or quite likely, consider using an adviser in the future.
And at least 40.7 per cent of those who are unadvised would consider using a planner within less than five years.
Klipin argues the planning industry needs to get its act together to focus on the benefits advisers bring to the community.
"What the industry needs to [do] is to be really clear of its value proposition, the benefits it delivers to consumers because that is [still] not well understood," he said.
The AFA's financial advice study was carried out in May, and was sent to CoreData-brandmanagement's proprietary panel of more than 100,000 Australian consumers. Some 1,054 people responded to the survey and results were analysed with segmentation from a range of perspectives, including age, gender and wealth.
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