Almost 64 per cent of clients who have full-time planners believe a professional adviser or planner is the most trusted source of information when it comes to financial advice, information collated by CoreData has revealed.
Those that used a planner previously or from time to time also rated the professional adviser or planner as their most trusted source of advice.
"The study found that the majority of people who had never used a planner, however, trusted the advice from family and friends first, with only 9.6 per cent rating professional advisers or planners as their most trusted source of advice," CoreData partner Craig Phillips told InvestorDaily.
People who had not used a planner rated people with experience but who were not financial services professionals as their second most trusted source of information. Financial newspapers and magazines came in third, their gut feeling fourth, financial websites fifth and professional advisers and planners sixth.
"Clearly, trust of advisers is reasonably robust for people that have ongoing contact with their planner. However, there is certainly a challenge in that people who don't use planners rely more on themselves and family members for advice than they do on professionals," Phillips said.
No one who had used a planner regularly, infrequently or at all said advertising was their most trusted source of information, Phillips said.
