Market Research Discovers Need for Reliable Financial Advice

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22nd October 2012 09:37 - Financial Services

 

According to a survey by IFA directory VouchedFor, only half of the respondents who have sought financial guidance in the past five years would be likely to recommend their professional adviser.

Called ‘RDR: How dark will it get before dawn?’, the study saw only 50% of the surveyants rate their financial advisor as good enough to warrant them being 'very likely' or 'fairly likely' to recommend. Meanwhile, a fifth said they would be 'very unlikely' or 'fairly unlikely' to give a recommendation.

In total, the study found that 26% of respondents do not trust financial advisers and 18% are not sure how advisers could help them.

Nevertheless, the resulting report from the market research has stated that the 6.5 million people who have been advised by banks and pension companies may now turn to IFAs (independent financial advisors) as banks scale back their advisory services.

Additionally, only 22% of the people who took part in the study felt they were able to manage investment and pensions themselves, so the results indicate that there is a growing gap in the marketplace for reliable, affordable financial advice.

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