Service preferences of older clients

This paper reports the findings of a study into Australian seniors' service preferences in relation to financial planning services. Focus groups and a national survey were conducted to identify those aspects of interactions with financial planners considered most important by seniors. The results indicate that financial planners targeting senior clients in the Australian context should work to develop trusting relationships, treat older clients with dignity and respect, ensure the full disclosure of all fees and commissions, and keep up to date with relevant changes in the financial environment. The two primary areas of concern identified in the study were those relating to personal relationships with the financial planner and the performance of the financial products recommended in terms of the benefits accrued.