An Australian Retirement Trust survey has revealed that the main reasons members seek financial advice is to get access to expert opinion and experience, to feel confident and enjoy peace of mind, and get help for their retirement.
Four out of five of our members who access financial advice say having someone acting in their best interests is what they value most.
The Australian Retirement Trust Adviser Insights Research Report 2022, conducted in August 2022, was sent to almost 3,700 financial advisers and more than 9,000 Australian Retirement Trust members. It aimed to find out the main reasons financial advisers partner with us, and how we support advisers to help their clients and grow their practices.
The value of advice
Through the survey, we also sought to gain deeper insights from members who had consulted an adviser. This helps paint a picture of our members’ experience and how advice helps them achieve their retirement goals.
The results tell a story of trust and underline for advisers, in particular, what clients value, what they expect and what they rely upon from a financial advice relationship.
The survey revealed that 82 per cent of members who have sought advice said what they valued most from their financial adviser was someone acting in their best interests. This was followed closely by simplicity and trust.
Australian Retirement Trust and advisers
Australian Retirement Trust works with more than 4,200 advisers with over $7.5 billion in funds under management connected to more than 40,000 members.
More than one in three financial advisers surveyed for the report said working with Australian Retirement Trust helped them help their clients. A total of 84 per cent said that Australian Retirement Trust being a trusted brand was important in helping them engage with their clients.
What advisers told us
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“It's great to be able to work with an industry fund that sees the external adviser network as an opportunity rather than an enemy,” said one of the surveyed advisers. -
“The online adviser portal is unique to industry funds and allows us to offer lower fees and better advice to our clients as we can check implementation, provide updates, spot opportunities and solve problems without using a call centre.”
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“I am finding more clients are requesting consideration for industry super funds, and being able to present them with ART given it has a history of strong performance and low fees has been able to do this.”
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It has allowed us to build trust and credibility with clients when we are happy to recommend ART over other providers where it is in their best interests.
Why do members get financial advice?
Our research showed 63 per cent of members ranked accessing expert opinion and experience as the top reason for seeking financial advice. Expert opinion was even more valued for those with a higher balance (72 per cent with $500,000+).
More than half (52 per cent) also said they access financial advice to help them determine a clear pathway to retirement, while 49 per cent see a financial adviser for peace of mind.
What do members get advice about?
Australian Retirement Trust Head of Advice Anne Fuchs said besides super, members receive most advice about retirement and investments.
She said a trusting relationship with an adviser can help guide members with simple strategies that help them get on with life, rather than making it more complicated.
“The data shows that the members who are getting regular advice and are in an ongoing relationship, because they trust that relationship with their adviser, are the ones making better decisions,” - Ms Fuchs said.
The top 5 kinds of advice our members receive from their adviser:
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72% receive advice on retirement
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50% receive advice on investments
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41% receive advice on insurance
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29% receive advice on their financial portfolio
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20% receive advice on estate planning.
How we work with financial advisers
As Australian Retirement Trust, we're building on a strong legacy of working with financial advisers to help our members truly live well in retirement.
We use our size and scale to seek out world-class investment opportunities, from best-of-breed investment managers, that aim to deliver strong long-term returns for members.
As one of the largest super funds in the country, we have the scale, strength and momentum to continue to promote the value of quality financial advice for all Australians.
ART supports advisers by being a trustworthy, reliable, known, industry fund to recommend to their clients, with the Adviser Insights Research survey showing more than 80 per cent of advisers feel that working with ART has helped build their business.
We help advisers find solutions for their members while making it easy to work with us. Advisers say our size, customer service and good, consistent returns helped them support their clients.
Advisers also felt that ART put effort into maintaining the adviser relationship and in providing services for advisers to make it easier for them. Around 80 per cent of advisers say they are satisfied with ART.
Learn more about the Art of Trust in our podcast series here featuring superannuation and financial experts.
Footnotes
Research conducted by Australian Retirement Trust, August 2022, Advisers n=229, Advised members n=775.