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Advisers still unable to match demand for profession

Six in ten adults feel they would benefit from regular financial advice, but just 15 per cent see an adviser regularly, according to Openwork.

The research from the network says the number of advisers is still lagging when compared with demand.

Its findings still reflect positively on the profession’s necessity moving forward, it adds.

There are around 26,000 advisers in the UK according to trade body Pimfa, while demand for services has risen to 71 per cent with under-35s.

Openwork director of learning and acquisition Claire Limon says the launch of pensions freedoms is behind the rapid drive in interest.

She says: “It’s not just older people looking for help through retirement, but also younger people who are looking to improve their financial literacy. The financial services industry has seen increased demands year on year.

“Most people recognise they need an expert to help create and protect wealth for themselves and their families and want to have more control over their finances during uncertainty across the economy.”

The research found men are still more likely to seek advice than women, with 23 per cent of male respondents indicating they see an adviser.

By comparison, ten per cent of women see an adviser for support.



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There are 3 comments at the moment, we would love to hear your opinion too.

  1. If you think the advice gap is large currently, wait until the 5000 over 55 (such as myself) retire in the next 5 years.

    The future cost will also exclude many from being able to gain advice. As PPI finishes the claims companies are already targeting investments and pensions. The cost of PI Insurance will rocket, as those with selective memory loss look to make a fast buck by jumping on the no win no fee claims culture.

  2. “6 out of 10 adults feel they would benefit from regular financial advice” Yeah, as long as they didn’t have to pay for it! Only 15% actually get financial advice as they are the only ones willing to pay.

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