Background
Once the dust had settled from the final report of the 2019 Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, The Profession of Independent Financial Advisers launched an Australia-wide survey of people aged 40-55 years old to gauge their thoughts on the Commission, their financial advice situation, and what they want in a financial adviser.
Australia Speaks
Some 75,000 phone numbers were dialled resulting in a survey roughly three times the size of the polls the political media relies on during elections to predict leadership swings.
Conclusions – how do advisers respond?
The survey results provide a very clear picture of what consumers want in a financial adviser. Advisers with some key features to this profile stand to prosper over the next 12 to 24 months, whereas those who don’t are likely to wither and perhaps be forced to leave the industry.
