Most clients of financial advisers are satisfied with their service, a study commissioned by the Financial Services Council (FSC) and the Australian Research Council shows.

The survey of 1211 people by the universities of Adelaide, Technology Sydney and WA reveals 84% of respondents have high levels of trust in their advisers.

Almost 70% are happy to be charged a fee for service, and about 80% are happy with their adviser’s service style.

Respondents who use advisers report higher satisfaction with financial decisions and financial aspects of their lives, and greater peace of mind. Reasons for not using advisers include a perceived lack of value and a lack of demand for the service.

The research shows sharing positive client experiences may help non-clients better understand the benefits of advice.

FSC CEO Sally Loane says it is important to understand why people seek advice.

“We need to gain a better understanding of the value experience people get when engaging a financial adviser,” she said.

“The research showing the overwhelming majority of clients are satisfied with their financial adviser goes to show there is fantastic work being done by the industry on a daily basis that goes largely unreported.”