MetLife adviser-client survey results published for 2019
/A client survey by MetLife - the MetLife Adviser-Client Relationship Report 2019 - shows that about a third of consumers and half of small business owners are looking to change or quit their financial planner. The cited reasons include high fees, lack of affordability and ‘no ongoing need’. Lack of contact was also an issue.
The report has run for two consecutive years, with respondents having bought life insurance in the past year through a financial adviser.
Key findings of the survey include:
In the past year, 63 per cent of respondents rated their experience very good or excellent
People who did not have an annual review were less likely to recommend their adviser
About half those looking for a new adviser said they would prefer an independent adviser
SME owners had a preference for fees over commissions for insurance advice
Thirty-five per cent of SME owners said they were less likely to trust an adviser who is paid via commissions
Seventy-eight per cent of SME owners said they want an upfront fee for service for advice, with the average amount they were prepared to pay for insurance advice being $1700
Those consumers who have life insurance through an adviser say they started the conversation with their adviser to protect their family or after a recommendation from a friend or family member
About half the consumers with life insurance said they were concerned about claim time, and whether the insurer would pay out
About a quarter of ‘potentials’ who said they are likely to see an adviser over the coming two years said that cost is a barrier, which is up from 18 per cent in 2018
The survey was conducted on almost 800 consumers and 213 small business owners who have used a financial planner and 288 ‘potentials’.
