The latest Lifeplan Financial Advice Satisfaction Index has shown clients that have a long-term relationship with a financial planner have a greater level of confidence in the adviser's technical expertise, trustworthiness and reliability.
"Those who have been with their adviser for five or more years have particularly high levels of satisfaction with their technical ability, trust and reliability - this is true for both male and female clients," head of Lifeplan Matt Walsh said.
"The indications are that the longer people are with an adviser, the more trust they have in them but there is the issue of complacency - some investors feel that their advisers take them for granted," he said.
According to Walsh, the results show advisers need to put in an extra effort to win the confidence of young clients and in general those people in the accumulation phase of superannuation, and that goes beyond just providing superior investment performance results.
"It seems that advisers would benefit by showing their expertise and reliability in the early stages of a relationship, rather than just performance. This means a greater level of involvement with smaller-value, younger clients, which runs somewhat counter to how many advisers operate," he said.
When broken down into specific categories the study revealed financial planners may need to develop particular strategies for males between the ages of 30 and 44, as this group tend to have more confidence in their own investing ability without the aid of professional advice.
In regard to the value of advice, the result was an endorsement for planners with the overall perception that portfolio performance had improved during the past six months due to financial advice rather than just the recovery in the markets.
The research was conducted by the University of Adelaide on behalf of Lifeplan Funds Management.
