Financial advisers’ reputations can withstand the fallout from the Hayne royal commission, according to research by MetLife Australia.

Surveying consumers and small business owners on attitudes towards buying life insurance through advisers, it found a marked difference to advisers in the two groups’ attitudes. While 56% of consumer respondents say the royal commission will not affect their relationship with their adviser, only 37% of SMEs agree.

About 20% of consumers and 38% of SMEs say it will make them more likely to visit their advisers.

Honesty and trustworthiness are the most important qualities customers seek in an adviser, followed by transparency and experience. About 61% of consumers rate their adviser excellent or very good, with 13% rating them poor or fair.

MetLife Australia Head of Retail Sales Matt Lippiatt says the royal commission has highlighted the need for quality advice.

Up to 40% of consumers and SMEs have been with their advisers more than five years, Mr Lippiatt says. “Consumers and SMEs clearly value the adviser who goes the extra mile to listen to them, understand their needs and communicate regularly and clearly.”