Only 4% of respondents to an IOOF survey consider lower insurance premiums to be the definition of a successful financial planning experience.

However, about 76% cite achieving their lifestyle goals as a good outcome.

The adviser group’s survey questioned 312 clients from 58 national advice practices, employing 192 advisers.

Only 12% of clients consider administering insurance to be part of the ongoing fee they pay.

About 65% say ongoing fees are connected with advising and administering investments.

The advisers were also surveyed, and asked if they have the tools and systems to provide ongoing advice in core areas such as insurance and estate planning.

About 82% of advisers answered in the affirmative. Only 16% review a client’s insurance requirements every year, while 68% do so on an “as-needed” basis.

About 65% of advisers say they have not created emergency funds for their clients in case they lose their jobs or suffer a crisis.

When clients were questioned on contingency planning, only 2.3% said they understand their type and amount of insurance.

Just 1.8% understand the need for emergency funding to cover an event.

IOOF GM Distribution Renato Mota says the findings redefine what successful financial advice looks like.

“This new research shows financial advice is about so much more than just financial outcomes – in fact it sheds new light on traditional thinking and the way we measure the value of financial planning,” he said.