The Financial Future Consumer Attitudes Towards Financial Planning and Themes for 2018
Key Themes Endorsement Even though the need for financial advice is growing, fewer respondents were seeking financial advice than in 2010. Of those that did seek an adviser, endorsement in the form of reviews and recommendations was paramount. The survey showed that:
There was a 10% reduction in respondents that had used a financial adviser over the seven-year period. This is worrying and perhaps explains why fewer people feel confident that they have a secure retirement plan in place.
The results also indicate a short-term attitude to accessing advice as when asked what would influence a decision to use an IFA, 25% of respondents chose cost as the overriding factor showing that immediate fees are more important than the longer-term objectives of effectively managing their portfolios.
Trust, reputation and recommendations from family friends were all seen as almost equal to cost and all were seen as almost twice as important as locality, brand and type of pension, showing the power and importance of endorsements.
www.fairstone.co.uk | firstname.lastname@example.org
Published on Dec 6, 2017