Are brokers among the least trusted professionals?

NIBA CEO has slammed results of a new survey that says brokers rank pretty low in terms of ethics and honesty.

When asked whether they would rank brokers as very high or high in terms of ethics and honesty, just 10% of the surveyed respondents agreed, which is down 1% from last year, according to findings of the Roy Morgan Image of Professions survey 2017.

NIBA CEO Dallas Booth doesn’t quite agree with the findings of the survey. He says, “I am extremely disappointed that this survey continues to repeat assertions that are just not correct. Unless and until it can be demonstrated that the survey reflects the views of insurance broking clients it has no meaning and in my view does not reflect the standing in which brokers are held by their clients.”

However, he does believe that brokers need to better communicate the value they offer to potential clients and the wider community.

Booth is critical of the survey which he says “continues to reflect the views of people who have never used the services of an insurance broker, have no idea what insurance brokers do, and do not understand the commitment of brokers to look after the interests of their clients”.

The Roy Morgan results place brokers as the fourth least trusted profession in Australia, only ahead of car salesmen (4%), advertising workers (5%) and real estate agents (7%), ranking below their fellow financial services counterparts: Accountants (50%) topped the sector and financial planners (25%) and stockbrokers (11%) all ranked higher.

Nurses remain Australia’s most trusted profession, a title they have held for 23 years, while car salesmen languish at the bottom of the rankings for the 36th year in a row.