Trust levels in financial planners have returned to pre-royal commission levels, as this CEO underscores the impact of strong optimism in the advice industry.
According to CoreData, the level of trust in Australian financial planners has bounced back to its pre-Hayne levels.
In 2014, advisers were rated 5.5 on the trust scale, which then took a major hit in 2017 during the royal commission when trust levels fell to nearly 3 out of 10.
Several advisers previously described to Money Management how they felt “shamed”, “lonely” and “saw their confidence dented” by the negative press and commentary surrounding the industry at the time.
However, consumer trust levels in advisers have been on a slow upwards trajectory following the transformative event and have now returned to approximately 5.5 on the trust scale in 2024, CoreData found, nearly seven years after the royal commission.