Coalition leads Labor among advisers, Morrison preferred PM: New survey shows

A new survey of more than 3,000 businesses across several key sectors, including financial advice and wealth management, has revealed overwhelming support for a Coalition government, with over half of the survey respondents confident Scott Morrison will remain Prime Minister.

The current PM was preferred by a majority of respondents over Opposition Leader Anthony Albanese, with the greatest margin seen in mortgage lending, closely followed by the financial advice and wealth management sector.

According to the survey conducted by Momentum Media’s research house Momentum Intelligence, financial advisers overwhelmingly prefer a Coalition government, with as many as 60 per cent of respondents noting their intention to vote Liberal at the upcoming federal election. Conversely, only 27 per cent said they intend to vote Labor.

Momentum Intelligence Industry Insight Report found participants from Australia’s financial advice and wealth management sector indicated that their most prominent considerations ahead of the election are the economy (75 per cent), small-business interests (58 per cent), taxation (52 per cent), climate change & environment (38 per cent) and defence & national security (35 per cent).

On the other end of the scale, equal last at 12 per cent, were humanitarian concerns and gender, diversity & inclusion.

Commenting on industry-specific issues, a Coalition voter conceded that while the federal government has been “taking a torch” to the advice industry for years, “I will still likely vote Liberal”.

“Bungled policy for financial advisers has led to an extreme disdain toward them, and ASIC. Labor is looking at this very closely, indeed they just presented at an industry event promising to repeal some of the legislation that advisers dislike in the industry. I’m not against the education requirements, as a young planner I am nearly finished [with] my qualification,” the respondent said.

“I do worry that the red tape has gone far too far and now I cannot take on board or service small clients profitably. I will still likely vote Liberal, but if Labor continue to make announcements that will make my industry more enjoyable, and easier to service smaller clients, they will get my vote.”

Another Coalition voter shared a similar sentiment, noting “the financial planning industry is being strangled with regulation and compliance. However I don’t see any changes in these respects irrespective of the outcome of the federal election.”

More insights to come.