Financial crisis lowers satisfaction of advice
The global financial crisis and downturn in the market has decreased people’s perception of the trustworthiness and reliability of some financial planners.
The latest Lifeplan ICFS Financial Advice Satisfaction Index has dropped from 73.2% to 69.5% in the past six months. When the index was first introduced in April last year it sat at 75%.
The report says the drop is largely due to the heightened economic and financial turmoil.
“This survey was conducted when investors’ confidence regarding the financial markets and economy as a whole has decreased significantly,” the report said.
In comparison, perceptions on financial advisers’ trust and reliability decreased by 2.5% while perceptions regarding their technical abilities increased by 3.5%. Perceptions of investors’ investment performance decreased by more than 20%.
The latest Lifeplan ICFS Financial Advice Satisfaction Index has dropped from 73.2% to 69.5% in the past six months. When the index was first introduced in April last year it sat at 75%.
The report says the drop is largely due to the heightened economic and financial turmoil.
“This survey was conducted when investors’ confidence regarding the financial markets and economy as a whole has decreased significantly,” the report said.
In comparison, perceptions on financial advisers’ trust and reliability decreased by 2.5% while perceptions regarding their technical abilities increased by 3.5%. Perceptions of investors’ investment performance decreased by more than 20%.