Financial advice: What consumers really think

Aim: To present the findings from ASIC’s research into consumer experiences in relation to financial advice.

Outcome: Completion of this module will help financial advisers to understand:

  • What motivates people to seek financial advice and what they are most likely to want advice on;
  • What some of the barriers are when seeking financial advice and why people don’t get advice, and
  • How consumers choose and assess financial advisers.

Abstract: This report summarises the results of some preliminary research ASIC commissioned into what consumers think about financial advice. The research explored overall use of financial advisers, motivators and barriers to seeking personal advice, and consumer attitudes towards the financial advice industry. Both qualitative and quantitative research methods were used, and the methodology included an online survey completed by 2,545 Australians.

Understanding the results of this research will help advisers when prospecting for new clients. While this research was conducted solely on Australian consumers, its findings will likely mirror the New Zealand context.