One in four consumers are willing to pay for financial advice post-RDR, the same proportion that were happy to be charged for advice pre-RDR, research suggests.
Based on interviews with over 2,000 consumers, Axa Wealth’s latest Big Money Index, which tracks consumers’ financial views and behaviour, found that 25 per cent of those polled said they were willing to pay for advice, compared to 24 per cent in 2012.
The research, carried out by YouGov, found that among those between mid 50s and 60s , who have a high disposable income and considerable assets, almost half, would be prepared to pay for financial advice.
Among young professionals, 25 per cent would be willing to pay for financial advice.
Axa Wealth Elevate managing director David Thompson says: “These figures would suggest that pre-RDR concerns that consumers would be less willing to pay for financial advice as it became more transparent seem to have been unfounded.
“The number has remained consistent over the past 12 months, suggesting the RDR has not damaged the industry as some commentators may have feared.”