Around 6 million Australians seek advice about money and investments from friends and families, according to Roy Morgan. According to Roy Morgan’s Single Source survey, around 3.5 million Australians have been asked for financial advice by their friends or family. The survey found that, of the 16 largest consumer banks, Citibank has the highest proportion of customers (34.5 per cent) that are asked by friends or family for their financial advice, followed by ME Bank with 32.2 per cent.
Bank customers who are asked for financial advice have the potential to gain or lose customers for their institution depending on how they feel regarding their satisfaction with the relationship with their current bank. The highest proportion of the big four bank customers who are asked for advice is ANZ with 21.2 per cent, followed by the NAB (20.4 per cent), Westpac (19.5 per cent) and CBA (17.9 per cent). “This research shows that financial decisions for many have the potential to be impacted to a considerable extent by informal advice from friends and family, rather than relying on professional financial planners,” said Roy Morgan industry communications director Norman Morris.
The rest of this article can be found at ifa.com.au.