Advisors fail integrity survey

Posted on September 15, 2013 by | 0 Comments
FOFA was designed to improve the transparency of financial planners' remuneration.

Financial advisers don’t have a very good reputation. Photo: Phil Carrick

Financial advisers are still struggling to change public perceptions about their professionalism.

Only 23 per cent of respondents in a survey carried out on behalf of the Australian Securities and Investments Commission rated financial advisers as “operating with integrity”.

Thirty per cent disagreed that planners operate with integrity, with the remainder undecided. ‘

“Integrity” includes concepts such as a “having high standards, managing vested interests, not hiding anything and being honest”.

The results are included in a stakeholder survey of almost 1500 people, some of whom work in financial services and some who are ordinary investors.

The survey assessed satisfaction with the commission as well perceptions of various financial “gatekeepers”, such as financial planners.

The survey comes as the Financial Planning Association released findings of an online survey of 1020 people showing only 39 per cent receive “qualified” financial advice.

Of the 61 per cent who do not receive advice on their finances, only 16 per cent said they are considering seeking it over the next 12 months.

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