Royal Commission not affecting consumer trust in advisers

Recent MetLife research has found that about half of consumers and a third of small-medium enterprise heads saw no impact on how they deal with their financial adviser. This leaves the other half and two-thirds respectively not feeling quite as happy.

Key findings of the research include:

• Fifty-six per cent of consumers feel no impact of the Royal Commission into their dealings with their financial adviser

• Thirty-seven per cent of SMEs that are receiving advice or intended to in the next two years feel the same

• Twenty per cent of those consumers receiving advice said that the Royal Commission’s findings would make them more likely to get in touch with their financial adviser, while 38 per cent of SMEs agreed

• About four in every 10 consumers and SMEs have been with the same adviser for more than five years

• About 60 per cent of consumers and SMEs rated their advice experience excellent or very good

• Thirteen per cent of consumers and 11 per cent of SMEs rated their adviser as poor or fair

• Honesty and trustworthiness were rated as qualities in a financial adviser being the most important, followed closely by experience