Financial Advice Satisfaction Index published - advice still valuable

The Australian Unity LifePlan Financial Advice Satisfaction Index report has been published, with results of a survey of over 600 investors.

The research is conducted every six months by Dr. Akbar Zamin Ali from the University of Adelaide.

Key findings of the survey include:

  • Advised investors feel 15 per cent more financially secure than those without an adviser

  • Advised investors feel calmer about their financial situation compared to those who no longer receive advice

  • Advised investors are better able to deal with uncertainty

The study was undertaken during a time of negative sentiment caused by the housing market downturn, global market volatility, and the sometimes shocking Banking Royal Commission findings.

The study asked Australian investors who currently pay for advice, or had paid for advice in the past, about the value they perceive in their relationship with their financial adviser. The research found that investors who pay for advice value the financial plan and trusted relationship, which resulted in a greater sense of security. This was in contrast to those who no longer paid for financial advice.

Matt Brown from Australian Unity said that the research highlights the difference good advice makes in the quality of people’s lives.

The Wellbeing Index has been running for nearly 20 years, and continually shows that people who feel in control of their financial situation have a higher level of personal wellbeing.

The process and relationship within financial advice matters - sitting down to talk with someone who can offer insights and ultimately improve or maintain a financial position.