From www.ifa.com.au: A recent report from Netwealth reveals that nearly 29% of clients who switched financial advisers did so due to a misplaced confidence in their financial literacy.

While 41% of clients rated their financial literacy as high, only about 2% achieved high scores on an actual financial literacy test, indicating a significant knowledge gap.

This situation presents an opportunity for advisers to demonstrate their value by providing tailored educational support that fosters client independence and understanding.