Trust in financial advice is priceless11 Sep 2018 2 min read
The decisions we make about our financial matters can have far-reaching consequences, so we want to get it right. It can be hard to make sure your decision takes full advantage of all the options available, while still meeting your personal goals.
Research commissioned in 2018 by NGS Super found that 56 per cent of working Australians surveyed didn’t have someone they trust to advise them on their personal finance and investing. And about one third of those surveyed said they wished they did have someone who could help them think through their investment options.
The research revealed a ‘trust gap’ – many Australians don’t feel confident making financial decisions, and don’t have someone they can turn to for advice. That’s why having professional financial advice can be so valuable.
Recent investigations into the financial services sector uncovered a host of institutional problems that range from high-pressure sales tactics, to poor advice, to very high fees.
Given the poor reputation of parts of the financial sector, it’s not surprising that NGS Super’s research found a ‘trust gap’ that’s led many Australians to rely on non-professionals for financial advice.
In fact, around 35 per cent of working Australians surveyed said they did have someone they trusted to advise them on financial options. However, of these, about 42 per cent relied on a family member, and 18 per cent on a close friend.
FINDING A TRUSTED PROFESSIONAL
NGS Super commissioned research into the challenges faced by working Australians and found many of them opt for non-professional advice. This is because they turn to a non-professional they trust rather than an expert who they don’t trust.
Trust is a key value for NGS Super, because it’s the industry superfund for Australians who work in the non-government education, mutual finance and community sectors – people who themselves are widely trusted.
As an industry superfund, all of NGS Super’s profits go to benefit members and no commissions are payable to financial planners or dividends to shareholders.
That’s why NGS Super is working to close the trust gap so that members feel confident in their financial and investment futures. To do this NGS offers members a range of education and financial advice at no extra cost, including limited personal advice from a customer relationship manager, limited advice over the phone with our super specialists, free seminars and the online MoneyCoach learning platform.
For comprehensive and personalised financial advice, all members can access a full financial planning service with an NGS Super financial planner who embraces our profits-for-members approach. NGS Super’s planners don’t receive commissions or bonuses and don’t charge for anything you don’t agree to in writing. And the initial consultation for members is complimentary.
If you’d like to learn more, call 1300 133 177 between 8am and 8pm (AEST/AEDT) Monday to Friday. You can also visit us at: www.ngssuper.com.au/financial-planning