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Many relied on for advice

Research conducted by Roy Morgan in February this year shows that more than one-third of Australians over the age of fourteen have sought advice from a financial planner.

Financial Planning Association chief executive Michael McKenna says the survey results are proof of the growing awareness of the need for professional financial planning advice.

“Just as we pay a doctor to look after our physical health, consumers are aware of the need to employ a professional financial planner to oversee their financial health,” Mr McKenna said.

“Financial planning is about helping individuals tailor a unique financial plan to help them achieve their life goals.

“More and more Australians are recognising that financial planning is a specialist, professional skill,” he said.

An interesting aspect of the survey related to the different groups who played an advisory role for individuals seeking financial guidance.

Financial planners were the leading providers of financial guidance.

The next three intended sources of guidance were:

• family (31.5%)

• accountants (27.9%)

• managers of banks, building societies or credit unions (27.9%).

The percentage of people seeking financial advice from accountants has declined by 2 per cent over the past three years.

It may be that the increasing complexity of financial markets and related issues is contributing to the increased use of financial planners in the preparation of financial futures and retirement planning.

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