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CBA customers the most satisfied of the four major banks with their financial planner/adviser

Source: Roy Morgan Single Source (Australia), 12 months to March 2014 n = 1,922
In the 12 months to March 2014, the clients of CBA financial planning/advice had the highest satisfaction with 84.2%, followed by ANZ (83.2%), Westpac (80.5%) and NAB (80.1%).  These are the latest findings from the Roy Morgan Research Consumer Single Source survey of approximately 50,000 people per annum.

CBA’s satisfaction score of 84.2% is driven by those aged 50 and over with a satisfaction score of 88.4% and by men (86.8%). In contrast, their lowest rating was among those under 50 (80.5%), women (81.2%) and those with a household income greater than $100,000 (81.9%). 

Satisfaction with Financial Planner/Adviser Service


Source: Roy Morgan Single Source (Australia), 12 months to March 2014 n = 1,922

The ANZ’s satisfaction score of 83.2% was highest for women (87.2%) and those with a personal income less than $100,000 (84.7%).  The lowest score was for those with a personal income greater than $100,000 (78.5%) and men (79.9%). 

NAB’s satisfaction rating of 80.1% was driven by women (82.7%) and those with a household income less than $100,000 (82.6%).  It was lowest among higher income groups where those with a personal income greater than $100,000 (73.9%) and those with a household income greater than $100,000 (76.2%) lowered the overall rating. 

Westpac’s satisfaction score of 80.5% was higher for those aged 50 and over (84.2%).  Although Westpac had the highest proportion that were very satisfied (42.0%) it also had the highest proportion that were dissatisfied (4.8%). 

Roy Morgan’s Helix Personas segmentation tool reveals some interesting insight into the customer bases of the Majors among those that use their financial planner/adviser service. The Helix Community most likely to use CBA’s financial planner/adviser service in the 12 months to March 2014 was “Getting By” (15% more likely to select CBA for a financial planner/adviser service than the average Australian 18+). The Helix Community most likely to use ANZ’s financial planner/adviser service is also “Getting By” (23% more likely); NAB’s is “Today’s Families” (11% more likely) and Westpac’s is also “Today’s Families” (27% more likely).                                                              

Norman Morris, Industry Communications Director Roy Morgan Research says:

“In light of the Government considering change to the regulation of financial planning and financial advice as well as the upcoming Financial Systems Inquiry, the satisfaction with financial planner/advisers is becoming increasingly critical in capturing and retaining market share in a constantly evolving environment.  Further measures are required by the majors to maintain or increase satisfaction for the financial advice they give to ensure smaller banks and other financial institutions do not erode their customer base.  It is yet to be seen if recent adverse publicity relating to some financial planners will have an impact on the satisfaction and retention levels of their planning groups.”

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Norman Morris Industry Communications Director
Telephone: +61 (3) 9224 5172
Mobile: +61 402 014 474

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About Roy Morgan Consumer Single Source

Roy Morgan Single Source is based on over 50,000 interviews each year and has been designed and engineered to represent the ideal source model. It provides an integrated understanding of consumers; what they are like, what they consume, what they buy, what they think, what they want, what they watch, read and listen to. The overriding benefit of Roy Morgan Single Source is the strategic insights it offers in the ability to link many aspects. Not only can an organisation’s profitable customers be delineated by what they think, do, watch, but so can non customers. Hence brand positioning, product differentiation, merchandising, efficient media planning, market expansion and line extension opportunities can all be considered in the light of the correct understanding of the marketplace.

About Roy Morgan Research

Roy Morgan Research is the largest independent Australian research company, with offices in each state of Australia, as well as in New Zealand, the United States and the United Kingdom. A full service research organisation specialising in omnibus and syndicated data, Roy Morgan Research has over 70 years’ experience in collecting objective, independent information on consumers.

In Australia, Roy Morgan Research is considered to be the authoritative source of information on financial behaviour, readership, voting intentions and consumer confidence. Roy Morgan Research is a specialist in recontact customised surveys which provide invaluable and effective qualitative and quantitative information regarding customers and target markets.

Margin of Error

The margin of error to be allowed for in any estimate depends mainly on the number of interviews on which it is based. Margin of error gives indications of the likely range within which estimates would be 95% likely to fall, expressed as the number of percentage points above or below the actual estimate. Allowance for design effects (such as stratification and weighting) should be made as appropriate.

Sample Size

Percentage Estimate


25% or 75%

10% or 90%

5% or 95%