Many Australians will turn to their super funds for financial advice in the next two years, according to a new survey by Investment Trends.

Following a poll of 10,367 people, the researcher’s modelling suggests 400,000 will take this option rather than approaching financial advisers.

“There are more than 2 million Australians who say one of the largest concerns in relation to their finances is not knowing where to get sound, affordable advice,” Senior Analyst King Loong Choi said.

“By raising members’ awareness of these advice offerings and helping them overcome barriers to seeking financial advice, super funds can help members fulfil their advice needs.”

Mr Choi says funds can use their scale and technology to provide low-cost advice models, which will lift member satisfaction and improve retention.

The survey also suggests the cost of providing advice through traditional channels is still not matched by what clients are prepared to pay.

“The way advice is currently delivered may not be aligned with how many Australians would prefer it to be delivered,” Mr Choi said. “This creates an opportunity for advice providers to innovate and develop new models that reduce the cost of delivering advice and align fees closer to clients’ expectations, while retaining margins.”

He says when cost is factored in, four times as many Australians would prefer to receive lower-cost scaled advice than higher-cost, face-to-face, comprehensive advice.

“Furthermore, the digital channel can be leveraged, with two in three Australians open to conducting parts of the advice process online,” Mr Choi said.