What do clients think of mortgage advisers?
The Financial Advice New Zealand Trust in Advice survey 2020 offers a snapshot of consumers' views of the mortgage advice industry. How did advisers fare?
Wednesday, October 14th 2020, 5:35AM
Katrina Shanks
According to the trade body's latest survey of more than 2,000 New Zealanders, customers are generally happy with their mortgage advice.
More than seven in 10 people (72.9%) believe they got a better outcome with their adviser than if they had arranged their home loan directly.
Nearly nine in 10 (89%) said they were happy with their adviser's service.
According to the study, Kiwis overwhelmingly agree that using an adviser resulted in securing the best mortgage (87%).
New Zealanders believe their financial security has improved as a result of receiving mortgage advice, while a strong majority either agree (58.2%) or strongly agree (29.6%) that advice helped them secure the best mortgage for their specific needs.
About 15% of people surveyed said their financial position had improved "dramatically" since taking financial advice, while 48% noted a slight improvement.
Clients say they have received more than just a financial benefit.
Half of respondents said their mental health had benefited after receiving mortgage advice. Nearly half said their family life had improved, while one in five noted an improvement in family and social life.
Katrina Shanks, chief executive of Financial Advice New Zealand, said she was encouraged that advisers were "viewed as trusted professionals" across mortgages, financial planning and investments.
Shanks was pleased the survey findings revealed some non-financial benefits of professional advice.
"These are substantial statistics that reinforce the value of advice and the advice process," she said. "We're pleased and surprised that the statistics show there are a host of benefits to receiving financial advice."
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