Increasing numbers of Australians are giving professional investment advisors the flick and opting for a do-it-yourself approach, according to a new report on the behaviour of Australian investors.
But at the same time those who have stuck with an advisor are happier with their service.
ACNielsen surveyed 25,000 consumers for its eighth bi-annual Wealth Management Report which reveals that just 40% of investors sought professional advice down from 60% two years ago.
But while the numbers getting advice was falling, client satisfaction amongst those working with a financial advisor had increased.
More than 80% of fund managers’ clients positively rated the advice they received compared to 71% six months before.
And while consumers are using the Internet as a major research tool actually using it to invest online was “subdued”.
