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Taverner Research - Slide 1

VIEWS: 7 PAGES: 48

									Dissecting the investor psyche:
  what motivates our clients

                   Prepared For:
        definition, IFSA Conference 2005
               By: Linda McAvenna
Agenda

• Setting the scene

• An Australia-wide Snapshot in 2005

• Managed Investments in 2005

• 2005 vs 2004 – trends in the marketplace

• Dissecting the investor psyche

• Financial Advice in 2005

• What have we learned

                                             2
Setting the Scene
Purpose of the research

• This research is aimed at assisting IFSA members in
  identifying what motivates managed investment
  (managed fund and superannuation) customers

• With a view to:
  – encouraging higher participation in managed
     investments [funds and superannuation]
  – improving investor sentiment
  – building a more confident investor base
  – educating and engaging the target market


                                                        4
  An Australia-wide
  Snapshot in 2005

[General Population Survey]
An Australia-wide Snapshot in 2005

• General Population telephone survey n=802
  – A representative sample across Australia
  – To determine incidence of managed fund and
    superannuation investors, and
  – Usage of financial advisers across the Australian
    community nationally

             Fieldwork conducted in July 2005




                                                        6
Current investments
                                                                                                Base: General Population
                                                                                                                  n=802



                       Superannuation of any kind                                              78

Shares in a company listed on the Australian Stock
Exchange which you hold directly, NOT as part of a                        37
                 managed fund


                   Residential investment property                   26

                                                                               Higher among:
Investment in a managed fund that is NOT part of a                             • Empty Nesters            32%
               superannuation fund
                                                                20             • H’hold income $130k +    36%
                                                                               • Use Fin Adviser          37%


                                None of the above          14


                                                     0       20           40   %   60         80         100


            Q1. Do you currently have any of the following investments either in your own name, in
               joint names or as part of an investment club?                                                               7
Currently use a financial adviser
                                                                                  Base: General Population
                                                                                                    n=802

  Based on a representative sample of Australian adults




                                              Yes
                                              23%



                               No
                              77%




       Q7. Do you currently use the services of a financial adviser or planner?
                                                                                                             8
Likelihood of using a financial
adviser over the next 12 months
Based on Australian adults who do not currently use a financial adviser
                                                                          Base: Do not currently of a financial adviser
                                                                                                                 n=602



                                Very likely-4                   Somewhat likely-3
                                                                                                   Mean Score /4
                                Somewhat unlikely-2             Very unlikely-1
                                (Don’t know)




       10       15              22                             52                           1         2.0




  0%              20%              40%             60%              80%                   100%


            Q16A/26. In the next 12 months, would you say that you are…                                                   9
Financial advice in 2006?
                                                                                            Base:
                                                                                General Population
                                                                                            n=802


                                                  Currently
                                                    use
                                                    23%




                                                            Very likely
                      58%                                     to use
                                                                8%




                                                  Somewhat
                                                likely to use
                                                     11%

     Q7. Do you currently use the services of a financial adviser or planner?
     Q16a. In the next 12 months, would you say that you are…
                                                                                                 10
Managed Investments
      in 2005

    [Investor Sample]
Investor sample composition
  Total n=592 investors with managed funds and/or superannuation


• n=592 with managed investments…
    – n=354 with $25k plus in managed funds
    – n=238 with $25k plus superannuation (but no managed funds)




            Fieldwork conducted in July 2005




                                                                   12
Main issues currently influencing
investment decisions
                                                                                                 Base: All investors
                                                                                                              n=592


              NET GLOBAL MARKETS                                                            76
        Global economy/share markets                                          42
             US economy/share market                          22
                              Oil prices             16
     Australian/US dollar exchange rate        10

                      NET PROPERTY                                            43
            Return on your investment                         21
The residential property/housing market                   20

             NET DOMESTIC POLICIES                                        40
                   Australian economy                    17
               Australian share market              14
                NET INTEREST RATES                                  31
               Australian interest rates                           28

                                           0         20                  40        %   60   80         100


          Q1. From your perspective, what are the top three issues currently facing the
             investment markets that are affecting your investment decisions?                                      13
Current investments
                                                                                              Base: All investors
                                                                                                     2005 n=592




                 Superannuation of any kind                                                    91


Shares in a company listed on the Australian
Stock Exchange which you hold directly, NOT                                           73
         as part of a managed fund

   Investment in a managed fund that is NOT
                                                                                60
        part of a superannutation fund



            Residential investment property                         37


                                                0         20        40   %    60        80         100


          Q1. Do you currently have any of the following investments either in your own name, in
             joint names or as part of an investment club?                                                      14
   Perceived performance of investment
   options over past 12 months
                                                                                                           Base: All investors
                                                                                                                  2005 n=592



       Direct shares                                                            7.1

Managed funds / unit
      trusts
                                                                          6.5


            Property                                                     6.3

    Superannuation
                                                                         6.3
        funds

  Cash management
     accounts *
                                                               5.0

Fixed term deposits /
                                                           4.8
    debentures

                        0     1      2      3      4       5         6     7          8   9   10
                                                        Mean Score
            Q2. Overall, how well would you say each of the following investment options has been performing
                over the last year? Please use a scale of 0 to 10 where 0 represents extremely poorly and 10
                                                                                                                             15
                represents extremely well.
 Perceived performance of investment options by
 whether currently use financial adviser
                                                                                                              Base: All investors
                                                                                             ‘Top 2’ (9,10)
                                                                                                                     2005 n=592
                            Not currently using         Currently using                           %

                                                                                   7.1            18
       Direct shares
                                                                                   7.2            20

Managed funds / unit                                                       6.7                    10
      trusts                                                             6.2                       7

                                                                         6.3                      14
            Property
                                                                          6.4                     20

    Superannuation                                                        6.4                     11
        funds                                                            6.2                      11

  Cash management                                              5.1                                 3
      accounts                                             4.9                                     2

Fixed term deposits /                                     4.7                                      2
    debentures                                             4.8                                     3

                        0     1      2      3      4       5         6         7         8   9     10
                                                        Mean Score
            Q2. Overall, how well would you say each of the following investment options has been performing
                over the last year? Please use a scale of 0 to 10 where 0 represents extremely poorly and 10
                                                                                                                                16
                represents extremely well.
  Managed Investments
   Key Choice Factors

Importance vs. Performance
         in 2005
Managed Investments in 2005
Key Choice Factors*
          1.   I trust my money is safe
          2.   Delivers on promise
          3.   Long term returns on investment (more than 5 years)
          4.   Fees and charges
          5.   Reputation of investment operator / fund manager
          6.   Transparency in all aspects of operations
          7.   Risk associated with the investment
          8.   Experts make the decisions
          9.   Tax effectiveness
          10. Ease of accessing your money
          11. Ease of moving money / funds between products
          12. No stress
          13. Advice / recommendation from financial adviser / planner
          14. Ethically / socially responsible
          15. Range of product options available
          16. Short –term return on investment (2-5 years)
          17. Awards or star ratings
          18. Level of minimum investment

   * Derived from qualitative investor research conducted in 2004 on behalf of IFSA   18
Q9 How important are each of the following factors to you when
   considering whether or not to invest in managed investments
   (managed funds / unit trusts and superannuation funds). Please
   rate each of the factors on a scale from 0 to 10


Q10 How satisfied are you with the performance of your managed
   investments (managed funds / unit trusts and superannuation funds)
   in relation to each factor listed below. Again, please rate each factor
   on a scale from 0 to 10




                                                                             19
Key Choice Factors
Importance vs. Performance in 2005
                                                                                         1. I trust my money is safe
                                                                                         2. Delivers on promise
                                                                                         3. Long term returns on investment
       10                                                                                    (more than 5 years)
                                                                                         4. Fees and charges
                                                                                         5. Reputation of investment operator /
             9                                                                               fund manager
                                                                                 1       6. Transparency in all aspects of
                                                2
                                                          3                                  operations
                                                                                         7. Risk associated with the investment
Importance




                         4                                                       5
             8                                             6
                                                                                         8. Experts make the decisions
                                                          8
                                                                    7                    9. Tax effectiveness
                                                          9
                                                                      10                 10. Ease of accessing your money
             7                                                      11
                                                                                         11. Ease of moving money / funds
                                                                                             between products
                                       13                             15 12
                                                               14                        12. No stress
                                                                                         13. Advice / recommendation from
             6               16
                                                                                             financial adviser / planner
                                                                                         14. Ethically / socially responsible
                                  17                                                     15. Range of product options available
                                            Average 6.3




             5                                                                           16. Short –term return on investment (2-5
                                                                        18                   years)
                                                                                         17. Awards or star ratings
                                                                                         18. Level of minimum interest
             4
                 4   5                 6 Performance                         7       8               9                   10



                                                                                                                                     20
Perceived performance of managed
investments by whether currently use
financial adviser
                                                               Currently use Financial adviser / Planner
                                                                     Yes                     No
                                                                   (n=336)                 (n=246)
                                                                  score / 10              score / 10
    I trust my money is safe                                         7.1                     6.8           - 0.3
    Reputation of investment operator / fund manager                 7.2                     6.8           - 0.4
    No stress                                                        7.0                     6.6           - 0.4
    Ease of accessing your money                                     7.0                     6.3           - 0.7
    Level of minimum investment                                      6.7                     6.8           + 0.1
    Tax effectiveness                                                6.7                     6.0           - 0.7
    Ease of moving money / funds between products                    6.8                     6.2           - 0.6
    Range of product options available                               7.0                     6.4           - 0.6
    Experts make the decisions                                       6.7                     6.0           - 0.7
    Advice / recommendation from financial adviser / planner         6.0                     4.7           - 1.3
    Delivers on promise                                              6.4                     5.9           - 0.5
    Risk associated with the investment                              6.8                     6.5           - 0.3
    Transparency in all aspects of operations                        6.4                     6.2           - 0.2
    Ethically / socially responsible                                 6.6                     6.4           - 0.2
    Long term returns on investment (more than 5 years) *            6.6                     6.2           - 0.4
    Fees and charges                                                 5.2                     4.8           - 0.4
    Short-term return on investment (2-5 years)                      5.7                     5.2           - 0.5
    Awards or star ratings                                           6.0                     5.4           - 0.6
                                                                                                                   21
     * 10+ yrs - 2004
      2005 vs 2004
Trends in the Marketplace
      Perceived performance of investment
      options over past 12 months
                                                                                                                      Base: All investors
                                                                                                     ‘Top 2’ (9,10)
                                                                                                                             2005 n=592
                                                                                                          %
      2004       2005                                                                                                        2004 n=600

                                                                                           7.1            19
              Direct shares
                                                                                 6.3                      13

  Managed funds / unit                                                            6.5                      8
        trusts                                                             5.7                             7

                                                                                 6.3                      16
                  Property
                                                                                           7.2            32

       Superannuation                                                            6.3                      11
           funds                                                 4.9                                       5

    Cash management                                                  5.0                                   2
       accounts *

  Fixed term deposits /                                          4.8                                       2
      debentures                                                4.7                                        2
* 2005 only
                              0     1      2      3      4       5         6           7         8   9     10
                                                              Mean Score
                  Q2. Overall, how well would you say each of the following investment options has been performing
                      over the last year? Please use a scale of 0 to 10 where 0 represents extremely poorly and 10
                                                                                                                                        23
                      represents extremely well.
Importance of Key Choice Factors
2005 vs. 2004
                                                              Mean Score / 10
                                                              2004      2005
   I trust my money is safe                                    8.5        8.8    0.3
   Delivers on promise                                         8.5        8.5   -
   Long term returns on investment (more than 5 years) *       8.0        8.3    0.3
   Fees and charges                                            8.6        8.2    0.4
   Reputation of investment operator / fund manager            8.0        8.1    0.1
   Transparency in all aspects of operations                   8.1        8.0    0.1
   Tax effectiveness                                           7.7        7.5    0.2
   Experts make the decisions                                  7.7        7.6    0.1
   Risk associated with the investment                         7.5        7.6    0.1
   Ease of accessing your money                                7.5        7.2    0.3
   Ethically / socially responsible                            6.6        6.6   -
   Advice / recommendation from financial adviser / planner    6.5        6.6    0.1
   No stress                                                   7.4        6.7    0.7
   Ease of moving money / funds between products               7.2        6.9    0.3
   Range of product options available                          6.9        6.6    0.3
   Short-term return on investment (2-5 years                  6.6        6.0    0.6
   Awards or star ratings                                      6.1        5.4    0.7
   Level of minimum investment                                 5.7        4.8    0.9
    * 10+ yrs - 2004                                                                    24
Performance of Key Choice Factors
2005 vs. 2004
                                                              Mean Score / 10
                                                              2004      2005
   I trust my money is safe                                    7.0        7.0   -
   Delivers on promise                                         6.2        6.2   -
   Long term returns on investment (more than 5 years) *       6.6        6.4    0.2
   Fees and charges                                            5.5        5.0    0.5
   Reputation of investment operator / fund manager            6.9        7.0    0.1
   Transparency in all aspects of operations                   6.3        6.3   -
   Tax effectiveness                                           6.5        6.4    0.1
   Experts make the decisions                                  6.4        6.4   -
   Risk associated with the investment                         6.6        6.6   -
   Ease of accessing your money                                6.8        6.7    0.1
   Ethically / socially responsible                            6.4        6.5    0.1
   Advice / recommendation from financial adviser / planner    6.1        5.9    0.2
   No stress                                                   6.6        6.9    0.3
   Ease of moving money / funds between products               6.5        6.6    0.1
   Range of product options available                          6.7        6.7   -
   Short-term return on investment (2-5 years                  5.6        5.5    0.1
   Awards or star ratings                                      6.1        5.7    0.4
   Level of minimum investment                                 6.8        6.7    0.1
    * 10+ yrs - 2004                                                                    25
Key Trends 2005 vs. 2004
Importance vs. Performance
                                                                              1. I trust my money is safe
                                                                              2. Delivers on promise
                                                                              3. Long term returns on investment
       10                                                                         (more than 5 years)
                                                                              4. Fees and charges
                                                                              5. Reputation of investment operator /
             9                                                                    fund manager
                                                                              6. Transparency in all aspects of
                              4
                                                                                  operations
                                                                              7. Risk associated with the investment
Importance




                         4
             8                                                                8. Experts make the decisions
                                                                              9. Tax effectiveness
                                                         12                   10. Ease of accessing your money
             7                                                                11. Ease of moving money / funds
                                                          12                      between products
                                  16
                                                                              12. No stress
                                             17                               13. Advice / recommendation from
             6                16
                                                                                  financial adviser / planner
                                                              18
                                                                              14. Ethically / socially responsible
                                    17                                        15. Range of product options available
                                           Average 6.3




             5                                                                16. Short –term return on investment (2-5
                                                          18                      years)
                                                                              17. Awards or star ratings
                                                                              18. Level of minimum interest
             4
                 4   5                   6 Performance         7          8               9                   10


                             2004                                  2005                                                   26
Dissecting the Investor Psyche

     [Investor Segmentation]
Dissecting the investor psyche -
Investor Segmentation

                It’s All Too Hard                         Confident - DIY

                                     17%         19%




 Cruising – Not Engaged        21%
                                                       23%
                                                                 Confident – Needs Support


                                           20%


                               Stressed – Needs Support




                                                                                             28
Confident DIY                                 19%
•   Predominantly male
•   Wide investment portfolio including
    direct shares, managed funds,
    superannuation and investment
    property
•   Most likely to have direct shares and
    investment property
•   3 in 5 have $100K+ invested in
    superannuation
•   Optimistic about their financial future
•   Clear financial goals
•   Actively plan their finances
•   Knowledgeable about financial
    matters in general
•   Less likely to use a financial adviser
    (than some other investor segments)
                                                    29
Confident – Needs Support                     23%

•   Most likely to have managed funds
•   3 in 4 have $100K + invested in
    superannuation
•   Have clear financial goals
•   Optimistic about their financial future
•   Inclined to be over 50 years
•   Actively plan their finances
•   By far the most likely investor segment
    to use a financial adviser




                                                    30
Stressed - Needs Support                        20%
•   Similar to ‘Confident – Needs Support’
    investors in that they:
     – Do try to actively plan their finances
     – and do have clear financial goals
•   1 in 2 have $100K + invested in
    superannuation
•   But are…
     – less optimistic financially
     – more stressed about financial matters
•   A higher incidence of under 40 year olds
•   More noticeable amongst females
•   More likely to use a financial adviser
    (than some other investor segments)


                                                      31
Cruising – Not Engaged                        21%

•   Most have direct shares
•   2 in 3 have $100K + invested in
    superannuation
•   Not particularly optimistic about their
    financial future but…
       – not stressed about it either
•   Don’t consider themselves experts in
    financial matters but…
       – would not pay anyone to manage
         their financial affairs.
•   More likely to be over 50 years
•   As with the ‘Confident – DIY’
       – Predominantly male
       – Less likely to use a financial
         adviser

                                                    32
It’s All Too Hard                               17%
•   Least likely to have managed funds
•   1 in 3 have $100K + invested in
    superannuation
•   Believe financial planning takes up too
    much time – prefer to spend their time on
    something else
•   Don’t enjoy making financial decisions
•   Claim to be lazy when it comes to
    managing their finances
•   Agree they don’t pay enough attention to
    their finances
•   Females most likely to be in this segment
•   A younger (under 40) skew


                                                      33
Financial Advice
    in 2005

  [Investor Sample]
Currently use a financial adviser
                                                                                  Base:
                                                                               Investors
                                                                                  n=592
          Based on Managed Investment customers




                                  No
                                 43%




                                                   Yes
                                                   57%




   Q13. Do you currently use the services of a financial adviser or planner?
                                                                                      35
Use of a financial adviser – by
investor segment
                                                                                                        Base:
                                                                                                     Investors
                                                                                                        n=592


         ALL Investors                                              57




       Confident - DIY                              37

    Confident - Needs
                                                                                          85
         Support

     Stressed - Needs
                                                                         61
         Support

Cruising - Not Engaged                               38


       It's All Too Hard                                            56

                           0          20             40             60               80        100
                                                          % 'Yes'



         Q13. Do you currently use the services of a financial adviser or planner?                          36
Frequency of contact with financial
adviser
                                                                                      Base: Currently use a financial adviser
                                                                                                                       n=336



                                                                                                       50
    At least Quarterly
                                                          21

                                                          21
         Twice a year
                                                                  29

                                               14
         Once a year
                                                                 28

                                          12
Less than once a year
                                                    18

                                 2
       When needed                                                        Other types of contact
                             1
                                                                          Face to Face
               Never
                             1

                         0           10              20           30             40                 50 %

     Q17. How frequently does your financial adviser/planner initiate face-to-face contact with you?
          Would it be …
     Q18. And how often does your financial adviser/planner initiate other types of contact with you, for
          example, by telephone, fax, email or letter? Would it be…                                                        37
     Satisfaction with financial adviser
                                                                                            Base: Currently use a financial adviser
                                                                                                                             n=336



                                                                                                                  Mean Score /4

                                Total               43                         43                  10 41              3.3
                                                   Very satisfied-4                Somewhat satisfied-3
                                                   Somewhat dissatisfied-2         Very dissatisfied-1
                                                   Prefer not to say
FREQUENCY OF FACE TO FACE CONTACT

                    At least quarterly                49                             43                    1
                                                                                                          61          3.4
                         Twice a year                    52                           40                44            3.4
                         Once a year               42                         43                    12 21             3.3
                Less than once a year         24                       49                    19           8           2.9
                                         0%        20%           40%         60%            80%            100%

           Q21a.   How satisfied would you say you’ve been with your personal experience with financial
                   advisers/planners?                                                                                             38
    Reliance on financial adviser
                                                                                                    Base: Currently use a financial adviser
                                                                                                                                     n=336



                                                                                                                          Mean Score /6

                   Total         9           38                                     43                       6 32             4.4
                                                      Rely totally on financial adviser-6
                                                      Rely heavily-5
                                                      Rely somewhat-4
FREQUENCY OF FACE TO                                  Rely very little-3
    FACE CONTACT                                      Rely on for purchase of products-2
                                                      Do not rely on financial adviser at all-1
       At least quarterly        7               44                                      40                      6 1          4.5
            Twice a year         9               44                                        43                     12
                                                                                                                  1           4.5
            Once a year          7       34                                        49                          5 31           4.3
   Less than once a year         10         31                             34                      14          8 2            4.2
                            0%        20%                40%                 60%                  80%              100%


               Q22. Which one of the following statements BEST applies to you?                                                            39
Value of current adviser

Q25. I would now like you to consider the value you
     place on your financial adviser or planner.
     I am going to read out some more statements.
     Using the same 0 to 10 scale, where 10 means you
     ‘strongly agree’ and 0 means you ‘strongly
     disagree’, please tell me whether you agree or
     disagree with each statement as they relate to you.
     You may give any score between 0 and 10.




                                                           40
    Value of current
    Financial Adviser / Planner
As a result of using a financial planner or adviser I …                                           Base: Currently use a financial adviser
                                                                                                                                   n=336
       10
                9
                8                7.8                        7.7
                           7.8                              7.5                      7.5                         7.5
                                 7.2                                                 7.1                         7.3
                7                                           6.9
                                                                                     6.6
                                                                                                                 6.3
                                 6.1
   Mean Score




                6                                           5.7
                                                                                     5.3                         5.3
                5
                4
                          Face-face contact at least quarterly
                3
                          Twice a year
                2
                          Once a year
                1         Less than once a year

                0
                       Believe I am more       Have a plan to help me      Have become more          Have more clearly
                    financially prepared for   achieve my lifestyle &       knowledgeable &         identified lifestyle &
                           retirement             financial plans       educated with regard to        financial goals
                                                                         alternative investment
                                                                                 options
                                                                                                                                       41
    Value of current
    Financial Adviser / Planner cont.
                                                                                                   Base: Currently use a financial adviser
As a result of using a financial planner or adviser I …                                                                             n=336

       10
                9
                8      7.7    7.7               7.7                   7.6
                                                                      7.5         7.4               7.5
                                                7.2                               7.3
                                                                                  7.1               7.3
                7       6.9                                           6.9                           6.7
   Mean Score




                              6.2                                                 6.1
                6                               5.9                   5.8                           5.7                 5.7
                                                                                                                        5.5
                5                                                                                                       4.9
                                                                                                                        4.5
                4              Face-face contact at least quarterly
                3              Twice a year
                2              Once a year

                1              Less than once a year

                0
                    Have learnt more Am confident I       Am more     My overall wealth Feel I am more in     Am better
                       about my     have made better confident that I  is higher than     control of my       protected
                       finances        investment    will achieve my before I started       finances         because of
                                        decisions      lifestyle and   using him/her                      products like life
                                                     financial plans                                         insurance /
                                                                                                               income
                                                                                                              protection                42
     Likelihood of using a financial
     adviser over the next 12 months
              Investors who do not currently use a financial adviser
                                                                        Base: Do not currently use a financial adviser
                                                                                                            Investors
                                                                                                                n=256

                  Very likely-4                    Somewhat likely-3
                  Somewhat unlikely-2              Very unlikely-1                        Mean Score /4
                  (Don’t know)




     8   22                19                        43                    8                 1.95




0%       20%              40%              60%              80%                100%


              Q26. In the next 12 months, would you say that you are…                                               43
Financial Advice in 2006?
                                                                                    Base:
                                                                                 Investors
                                                                                    n=592


                                                    Currently
                                                      use
                                                      54%




                       39%


                                                         Very likely
                                                           to use
                                                             4%
                                      Somewhat
                                    likely to use
                                         10%

     Q13. Do you currently use the services of a financial adviser or planner?
     Q26. In the next 12 months, would you say that you are…                            44
What have we learned
Investor sentiment 2005 vs. 2004
•   Over the past 12 months managed funds are perceived to have performed slightly better than
    superannuation or investment property, though not as well as direct shares


•   Compared with 2004, satisfaction with managed investments (funds and superannuation) has
    shown a marked increase, (as has satisfaction with direct shares), though not surprisingly,
    satisfaction with property investment has slumped


•   In 2005, managed investment customers appear to be …
    –    ‘less stressed’ than they were 12 months ago
    –    less concerned about fees and charges
    –    less concerned about the short-term (2-5 years) return on managed investments
    –    less concerned about awards or star ratings
    –    less concerned about the levels of minimum investments


•   However, the biggest ‘gap’ in terms of importance vs. performance relates to ‘fees and charges’
    which suggests that investors feel that more improvements can be made in this area

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The value of financial advice
•   Nearly 1 in 4 Australian adults currently uses a financial adviser or planner, and this is
    set to rise in 2006
•   Amongst adults with managed investments, the figure is significantly higher at close to
    6 in 10 – this figure is also likely to increase in 2006
•   Satisfaction with financial advisers/planners is highest amongst investors who have a
    face-to-face meeting with their adviser/planner at least every six months
•   Investors who currently use a financial adviser/planner are more satisfied with the
    performance of managed funds and superannuation over the past year (than investors
    who do not currently use one)


And most importantly…
•   Satisfaction with managed investments, across all 18 identified managed investment
    key choice drivers, is noticeably higher amongst investors who currently use a financial
    adviser/planner

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Thank you

								
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