In September 2020, ASX released the first stage of its ASX Find an Adviser website. The goal: to connect investors with financial advisers who work at ASX Market Participants.
This easy-to-use, free website suits current or prospective investors who seek financial advice but don’t know where to start.
ASX Find an Adviser is a joint initiative with Adviser Ratings, a white-label solutions provider. Currently in its pilot phase, Find an Adviser has grown steadily since launch as it adds more advisers and ASX Market Participants to its platform.
More than 300 financial advisers are listed on Find an Adviser. ASX Market Participants on the website include Bell Potter, Canaccord Genuity, Evans & Partners, Morgans Financial, Ord Minnett, Shaw and Partners, and Taylor Collison.
Investors can use ASX Find an Adviser to search for advisers near their suburb, and filter the results by distance and investment amount.
The results show advisers who meet the search criteria, details of each adviser’s firm and which ASX-listed products they advise on, such as shares, Exchange Traded Funds (ETFs), Listed Investments Companies (LICs) and Trusts (LITs), mFunds, Bonds, Hybrids, Warrants and Options.
Investors can also see the adviser’s biography and qualifications, and short details about the firm they represent.
For example, an investor in the Sydney CBD could key his or her postcode (2000) into ASX Find an Adviser, how close the adviser should be located (10 kilometres) and the amount to be invested (up to $25,000). Then, search for ASX Market Participants on the site.
The results in this example show 12 financial advisers in Sydney from ASX Market Participant firms who fit the criteria, and which ASX-listed products they advise on.
Source: ASX Find an Adviser
The launch of ASX Find an Adviser is timely. The ASX Australian Investor Study 2020 identified an increased willingness among investors to seek financial advice. Key findings include:
Advised investors, it seems, were likelier to capitalise on investment opportunities during Covid. The ASX study found 68% of advised investors made changes to their portfolio in response to the pandemic, compared to 52% among other investors.
“Most (agreed) their adviser has helped them manage the impact of the pandemic more effectively,” noted the Study.
Of advised investors, 84% said their adviser had been “helpful” in managing the financial impact of Covid. About 41% said their adviser was “extremely” or “very helpful”. Only 13% of advised investors said their adviser did not call them during the pandemic.
Young investors, in particular, showed a relatively high willingness to access financial advice. About 36% of Next-Gen respondents (aged 18 to 24) said they would use a financial adviser to access a wider range of ASX-listed investments.
The finding that 63% of people are open to receiving financial advice bodes well for long-term wealth accumulation in Australia. But there are several barriers to overcome with advice.
When asked why respondents don’t use financial advice, the top three barriers were: “Don’t know how to find a suitable adviser”, “Wouldn’t use (an adviser) as my investment is too small”, and “Would like to use (an) adviser but (they are) too expensive”.
Barriers such as investors not trusting financial advisers, believing they can make better decisions than an adviser, or poor previous outcomes from an adviser, ranked lower.
ASX Find an Adviser was designed to solve these and other problems. With the click of a button, investors can find advisers who work with clients with less than $25,000 to invest, and others who work with people with up to $1 million to invest – and every amount in between.
If you are considering using a financial adviser to help plan and guide your investment journey, take advantage of ASX Find an Adviser. It’s your window to hundreds of financial advisers nationwide, including some of Australia’s leading wealth-management firms for private investors.