IOOF: The True Value of Advice report
/IOOF’s The True Value of Advice report asked over 12,600 people, the majority advised (11,600), to gauge their openness to financial advice. Half of those who have never connected with a financial adviser are willing to do so. Those potential advice clients will tend to seek out an adviser for a particular need, with barriers to seeking advice believing they do not have enough money or assets, and that the timing isn’t right. Many said they couldn’t afford to see a financial planner.
Almost 90 per cent of those receiving advice said the benefits of advice are far beyond tangible financial issues, including improved health, family and social lives, and less stress. Half those surveyed said the guidance they received for investing money and making financial decisions invaluable, with growing and managing wealth a top-rated service.
Ninety-three per cent said a financial adviser helped them to get the most out of their situation, while 91 per cent were able to avoid pitfalls. Advised clients see value in the services provided by their adviser and understand the fees charged. Almost 85 per cent of advised clients said the value of advice outweighs the cost.
