ING research has revealed current economic conditions are having a negative effect on clients’ perception of financial advisers.

The study found clients whose relationship with their financial adviser spans two to five years are only 40% likely to highly recommend them compared to 45% in 2007.

Where the relationship is longer than five years, the figure drops from 46% to just 35%.
 
The research also revealed a dip in consumer confidence, with clients less likely to believe advisers take responsibility for their actions, are honest and trustworthy or have a good track record in recommending investments.

ING Sales and Marketing Director Ross Barnwell told insuranceNEWS.com.au consumers want honest advice that is tailored to their needs, but in many cases feel they are no longer getting it.

“Clients still value the same aspects of service, but their standards have been raised,” he said. “We suspect the market conditions have had an effect on client expectations.”