The study, carried out in conjunction with NMG Financial Services Consulting, shows that this disinterest in the charging process applies to all types of advice including tied and multi-tied.
It also finds consumers have little or no understanding of how advisers are remunerated or the impact that charging structures have on their investments.
It shows consumers are happy to pay for advice as long as the costs are transparent and reasonable, but that they largely do not have the “appetite, understanding or funds” to pay fees.
Focus Solutions says the research, based on questioning of around 40 people in six socio-economic groups, finds consumers view “advice” as anything from generic education, reassurance, provider selection and specific product knowledge.
Its findings state: “There is confusion about how consumers pay for advice and the majority do not want to get involved in this issue. As such they prefer a ‘hidden’ cost rather than paying an up-front fee.”