You are here: Home - News -

Cost is biggest barrier to seeking advice

by:
  • 24/11/2010
  • 0
Cost is biggest barrier to seeking advice
More than a quarter of people avoid seeking professional financial advice because they are worried about the cost, according to the latest YouGov poll.

The poll, which was carried out for the Institute of Financial Planning (IFP) as part of Financial Planning Week, revealed that 28% of people are concerned about how much financial advice will cost.

It is a particular concern of younger people, with 38% of respondents aged 25-34 worried about fees compared with 22% of those aged over 55.

A lack of trust or confidence in advisers was the second biggest factor, with 18% of respondents citing it as a reason why they would not seek out advice.

Nick Cann, chief executive of IFP, said: “These result shows us that cost and lack of trust still weigh heavily on people’s minds when they consider their need for financial advice. This means that the profession still has a huge job to engage properly with the people it is trying to help.”

He added: “Getting good advice is a crucial part of taking control of their finances, but it’s vital that people clearly understand both the costs and the value of that advice.”

Marlene Shalton, president of the IFP, said: “It really does depend on what people get for their money and the value that it provides for them. Unfortunately, too many advisers in the past have given clients the impression that their services are free, when in fact that has not been the case. Consumers would have paid one way or another.”

There are 0 Comment(s)

You may also be interested in