The trust equation in advice: Money Management

Published 30 May 2024

Financial advisers report experiencing trust issues in their business, both from consumers still distrustful after the Hayne royal commission and in their own staff, amid multiple ASIC adviser bannings.

For two years, the Hayne royal commission caused trust levels of advisers to fall as it flagged breaches and misconduct such as fees for no service, conflicts of interest and an insufficient focus on conduct risk.

This led trust levels to fall to less than 40 per cent in the third quarter of 2018 compared to highs of 60 per cent pre-royal commission, according to research by CoreData.

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