Product providers’ approaches to advertising advice vary too much from those used by financial planners themselves, making it onerous for prospective clients to choose an adviser, new research suggests.
A survey conducted by consultancy Adviser Home found the availability of information to be a key reason behind the view that consumers are not able to properly compare advisers.
Nearly 70 per cent of advisers responding to the research say consumers are not receiving enough information and prospective clients are being fed incorrect or misleading information.
One adviser respondent says: “There is still a mismatch between the promotion of advice from advisers and advice from product providers.”
Adviser respondents also say the availability of wrong information in the public sphere is making it more difficult for consumers to compare advisers and their service options.
One respondent says prospective clients are “spoon fed rubbish” or receive “off-putting information.”
Advisers surveyed did agree the information to allow clients to fairly compare individual financial planners is available, however.
One respondent says: “The information does exist but accessing it and understanding it may be harder.”
Another respondent says services like Unbiased and VouchedFor are run too much like “commercial operations”, while another says prospective clients need more comparison websites and that the FCA’s Register “still isn’t good enough”.