Unadvised Australians are open to receiving financial advice, according to an IOOF survey, which also highlighted the qualitative benefits that improve lifestyles and overall wellbeing.
IOOF's The True Value of Advice report, which canvassed over 12,600 participants (11,600 advised clients and 1000 unadvised individuals) revealed that almost half of Australians who have never connected with a financial planner are willing to do so.
Potential advice clients will likely seek an adviser for a specific need and if they are able to find an adviser they can trust, IOOF found.
Barriers to receiving advice included many believing they do not have enough money or assets, and that the timing in receiving seek advice is not right. Many also said that they couldn't afford a financial advice.
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For advised clients, 88% said the benefits of advice go far beyond tangible financial issues that have a positive flow-on effect. This includes improved mental and physical health, family and social lives, and less stress.
Half of the advised clients rated the guidance they received for investing money and making financial decisions as invaluable. Growing and managing their wealth was the next top-rated service.
A whopping 93% said that a professional financial adviser helped them "get the most out of their situation", while 91% were able to avoid financial pitfalls.
"Advised clients report that they see value in the services they are getting from their adviser and understand the fees they are charged. More than eight in 10 (84%) advised clients say the value of advice outweighs the costs," the report found.
IOOF chief advice officer Darren Whereat said: "Australian financial services licensees must commit to supporting and helping advisers deliver advice to clients in an efficient way that not only makes advice practice businesses valuable and sustainable, but also helps to remove perceived barriers to seeking advice and makes advice more affordable, more accessible, and more engaging for more Australians."