View more on these topics

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.

Recommended

Spiral-Notebook-Business-Corporate-Strategy-700x450.jpg

KPMG in firing line over BNY Mellon audit

KPMG has begun its defence against a potential £12.5m fine for accounting failures dating back to the financial crisis. The Times reports that the Financial Reporting Council and KPMG underwent a tribunal hearing yesterday over the audit firm’s decision to sign off BNY Mellon’s accounts. The FRC claimed KPMG’s misconduct was a “truly exceptional case” […]

L&G, Aberdeen Standard and Baillie Gifford asked to put pressure on Amazon

Trade unions have called on some of Amazon’s leading shareholders to use their influence to fight for better working conditions. Legal & General, Baillie Gifford and Aberdeen Standard were among City heavyweights to hear presentations this month at the TUC’s head office from unions like the GMB, the Guardian reports. A dozen leading fund managers […]

CPS(Cyber Physical System) conceptual abstract image visual, Cloud Computing, Internet of Things

Investment Association to include ETFs in sectors

Trade body the Investment Association will include exchange traded funds in its sectors. The ETFs will be placed within the existing IA sectors, which will enable comparison between open ended funds by dividing them into groups of similar funds based on factors such as asset class, investment strategy and geographical region. Investors and their advisers […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

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.

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com