According to a survey of 19,092 household decision makers, consumers rate certified financial planners up to 16 points higher than other financial professional.
The poll conducted by the Financial Planning Standards Board (FPSB) in the second and third quarter of 2015 found 57 per cent gave the financial planning sector a rating of ‘excellent’ for honesty and integrity in comparison to an industry average of 47 per cent.
A further 53 per cent rated financial planners as “excellent” for understanding financial goals in comparison to the 47 per cent as industry average and 50 per cent for providing consumers with relevant information.
Despite this, the survey demonstrated that people are more likely to look outside the financial sector for their saving options.
While only 31 per cent of people turn to a financial planner for advice, 41 per cent rely on websites as a key source of financial information.
In total 44 per cent of those surveyed rely on family and friends for financial advice.
lucinda.borrell@ft.com
