A massive 84 per cent of the employed public agree they need financial advice and 59 per cent believe this advice should be provided by an independent financial adviser, according to research commissioned by Norwich Union Life.
A massive 84 per cent of the employed public agree they need financial advice and 59 per cent believe this advice should be provided by an independent financial adviser, according to research commissioned by Norwich Union Life.
The Sweeney Research report into attitudes of the employed public also indicated an overwhelming 57 per cent of those surveyed knew either not very much, or nothing at all about superannuation.
The research also looked at attitudes of corporate superannuation fund administrators and found that 90 per cent of administrators agree that it is not their job to give investment advice to employees.
As a result of this research Norwich Union Life today announced the launch of a new information and education program designed for use by financial advisers to provide a value adding service to meet the needs of their corporate clients and their fund members to address this situation.
Managing Director of Norwich Union Life Australia Ltd, Mr Allan Griffiths said: "This is an appalling situation. It just goes to show that the industry needs to do lot more about getting out there and giving people the information they need. We shouldn't wait to be asked - we've got to push it out there and make it more accessible"
"We've researched the market and developed our Program based on the distinct needs of each audience," added Mr Griffiths.
"We've also taken the view that the best education programs break down key topics into 'bite sized chunks' to ensure maximum understanding and value to the audience. And, to make it more accessible, we're not only taking it on-site to employees but also on-line through the web and e-mail."
"We'll assist our adviser network with the training and tools they need to deliver the best quality information and education program that is relevant to the needs of corporate clients and their fund members."
"The employer program is focussed on understanding superannuation and keeping them abreast of the ever changing legislative issues."
"Our employee program consists of a number of educative modules. Each module provides very simple and clear information on financial issues and life changes affecting their superannuation planning."
The Program combines a series of brief face-to-face seminars with print, e-mail and web based channels to ensure information is accessible and convenient for all employees.
The Program is complemented by follow-up communication activities to reinforce key messages and test employee understanding of the topic. This will assist advisers to plan supplementary sessions.
The information and education Program is available for delivery either by financial advisers or in combination with Norwich Union's investor education specialists, depending on the needs of each client.
Mr Griffiths added: "We're committed to our partnership with our adviser network and the Norwich Union Program is another initiative designed to bring to the market our technical expertise via an accessible and simple-to-understand vehicle. It will also enhance the value-adding service we bring to our products."
-Ends-
Allan Griffiths is available for interview.
For further information, please contact
Simon Morgan, Group General Manager
Public Affairs
(03) 9829 8892.