View more on these topics

Promotion of advice bamboozling clients

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.”

Availability for clients key to adviser success

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”.



Iain Anderson: Johnson vs Hunt on personal finance policy

By the end of this month, either Boris Johnson or Jeremy Hunt will take up residence behind the world’s most famous black door. The race to succeed Theresa May gets more interesting by the day. And if it were supposed to be a virtual coronation for Boris, then someone should have told Jeremy Hunt, who […]


Court rejects IFA’s plea to overturn FCA restriction

An adviser’s challenge over the FCA’s decision to suspend its regulatory permissions has been rejected by a court. Sussex Independent Financial Adviser has not been allowed to resume its core business or sell its assets after a judge sitting in the Upper Tribunal refused to lift regulatory restrictions. Judge Swami Raghavan said the company does […]


FCA launches guidance on treating vulnerable customers fairly

The FCA has asked the industry for feedback on proposed new guidance for treating vulnerable customers fairly. The regulator has published a series of potential guidelines this morning, including on how firms can get to understand vulnerable clients’ needs, ensure staff have the right skills to deal with them, and what practical steps they can […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    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 thought leadership.

    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