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Australians wary of financial planners

Among the findings in the 2012 ASX Share Ownership Survey, which was released yesterday, was the revelation of the impact the financial crisis has had on our trust for financial planners.

The vocation where over a fifth of investors turned to for help in advice and information in 2010 took a slide in 2012 from 21% to 18%. This suggests investors are more cautious of taking advice from planners, some of whom were found to have pushed unsuitable and inappropriate investments on clients in return for large commissions in the years after the global financial crisis.

The decrease also coincides with the more than doubling of people who identified an online broker or trading platform as their go-to source of investment information from 5% to 11%. Many online brokers provide data on blue-chip companies like Woolworths (ASX: WOW), as well as banks like ANZ (ASX: ANZ) and Commonwealth Bank (ASX: CBA), which have been amongst the standout performers over the last 12 months.

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The Motley Fool’s purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool’s free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead.  This article contains general investment advice only (under AFSL 400691). Motley Fool contributor Regan Pearson doesn’t own shares in any companies mentioned in this article.

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