Monday, May 26th, 2014

In the 12 months to March 2014, the clients of CBA financial planning/advice had the highest satisfaction with 84.2%, followed by ANZ (83.2%), Westpac (80.5%) and NAB (80.1%).  These are the latest findings from the Roy Morgan Research Consumer Single Source survey of approximately 50,000 people per annum.

CBA’s satisfaction score of 84.2% is driven by those aged 50 and over with a satisfaction score of 88.4% and by men (86.8%). In contrast, their lowest rating was among those under 50 (80.5%), women (81.2%) and those with a household income greater than $100,000 (81.9%). 

Satisfaction with Financial Planner/Adviser Service


Source: Roy Morgan Single Source (Australia), 12 months to March 2014 n = 1,922

The ANZ’s satisfaction score of 83.2% was highest for women (87.2%) and those with a personal income less than $100,000 (84.7%).  The lowest score was for those with a personal income greater than $100,000 (78.5%) and men (79.9%). 

NAB’s satisfaction rating of 80.1% was driven by women (82.7%) and those with a household income less than $100,000 (82.6%).  It was lowest among higher income groups where those with a personal income greater than $100,000 (73.9%) and those with a household income greater than $100,000 (76.2%) lowered the overall rating. 

Westpac’s satisfaction score of 80.5% was higher for those aged 50 and over (84.2%).  Although Westpac had the highest proportion that were very satisfied (42.0%) it also had the highest proportion that were dissatisfied (4.8%). 

Roy Morgan’s Helix Personas segmentation tool reveals some interesting insight into the customer bases of the Majors among those that use their financial planner/adviser service. The Helix Community most likely to use CBA’s financial planner/adviser service in the 12 months to March 2014 was “Getting By” (15% more likely to select CBA for a financial planner/adviser service than the average Australian 18+). The Helix Community most likely to use ANZ’s financial planner/adviser service is also “Getting By” (23% more likely); NAB’s is “Today’s Families” (11% more likely) and Westpac’s is also “Today’s Families” (27% more likely).                                                              

Norman Morris, Industry Communications Director Roy Morgan Research says:

“In light of the Government considering change to the regulation of financial planning and financial advice as well as the upcoming Financial Systems Inquiry, the satisfaction with financial planner/advisers is becoming increasingly critical in capturing and retaining market share in a constantly evolving environment.  Further measures are required by the majors to maintain or increase satisfaction for the financial advice they give to ensure smaller banks and other financial institutions do not erode their customer base.  It is yet to be seen if recent adverse publicity relating to some financial planners will have an impact on the satisfaction and retention levels of their planning groups.”

View this release on our website.

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Roy Morgan Research

Roy Morgan Research is Australia's best known and longest established market research and public opinion survey company. Roy Morgan Single Source is thorough, accurate, and provides comprehensive, directly applicable information about current and future customers. It is unique in that it directs all the questions to each individual from a base survey sample of around 55,000 interviews in Australia and 15,000 interviews in New Zealand annually - the largest Single Source databases in the world. The questions asked relate to lifestyle and attitudes, media consumption habits (including TV, radio, newspapers, magazines, cinema, catalogues, pay TV and the Internet), brand and product usage, purchase intentions, retail visitations, service provider preferences, financial information and recreation and leisure activities. This lead product is supported by a nationally networked, consultancy-orientated market research capability.
Samantha Wilson
P: (03) 9224 5268


banking, finance, CBA, NAB, Westpac, ANZ




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