Just under 25 per cent of Australians who had recently received financial advice want more advice on self-managed superannuation funds, an ASIC report, Financial advice: What consumers really think, has shown.
ASIC’s research has suggested that Australians who frequent a financial adviser are mostly interested in advice pertaining to investments (53 per cent), followed by retirement income planning (51 per cent), growing their superannuation (46 per cent) and budgeting or cash flow management (20 per cent).
However, the report also revealed that the need for SMSF advice decreases slightly among the rest of the population, with 14 per cent of people who intended to get financial advice in the near future reporting they are interested in receiving SMSF-specific advice.
Within this group of consumers, just over 30 per cent admitted to being interested in growing their superannuation.
The commission’s report also explored how Australians choose financial advice, discovering that the top three attributes that people look for in an adviser are experience, reputation and the ability to talk to customers in a way they can understand.
Most consumers also said that their level of trust and confidence in a financial adviser would heavily influence whether they believed the adviser to be appropriate for them.
