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Financial Happenings Blog
Tuesday, July 24 2007

My learned colleague was invited to present at the Australian Investor's Association Annual Conference last Sunday.  Scott presented a 4 hour presentation on investing for novices with approximately 80 participants in attendance.


During the course of the presentation, Scott sought feedback from participants as to how confident they felt engaging with the Financial Services Industry with the results showing:

  • 1% were extremely confident
  • 25%confident
  • 13% neither confident nor cautious
  • 40% cautious
  • 21% extremely cautious


These statistics alone provide an interesting insight into the industry but some more insightful points were provided through the written feedback as to why participants were cautious.  The themes were fairly consistent:

  • They had received poor advice from financial planners in the past
  • They were concerned with education / training of financial planners
  • They were concerned with financial planning businesses being owned by large institutions
  • They had concerns with trailing commissions on products offered by advisers
  • They were concerned with the high level of fees charged by some advisers


Of the small percentage in the confident end of the spectrum, their responses also contained similar trends:

  • They had confidence in the advice given to them
  • They sought out advisers they could trust
  • They had undertaken self-education
  • They questioned the advice they were given


Scott and I think that the responses gave us, and those who seek our advice, some important reminders:

  • It is important to seek financial advice that is independent, not influenced from ownership by large institutions, or by commissions for "selling" certain products
  • Finding a financial adviser that you trust is important
  • The financial advice process should involve sound education for planners but also for the clients that seek their advice
  • Trusting your financial adviser is crucial
  • Fees matter


We are confident that we provide a service where all of these aspects can be found and met.  If you are seeking a financial adviser you can be sure is looking out for your best interests please get in contact!!




Scott Keefer

Posted by: Scott Keefer AT 10:53 am   |  Permalink   |  Email
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