IFAs fall behind friends, family and the internet as the main source of financial advice while young people are especially disconnected from the advice process, new research has revealed.
However those that had previously consulted an IFA were overwhelmingly positive about the experience, the survey added.
But despite this only a quarter of those aged over 65 would choose an adviser as their starting point for financial advice.
Aviva's Value of Financial Advice report revealed almost three-quarters (70%) of 18 to 24-year-olds would turn to friends and family for financial advice first rather than consulting a professional adviser while more than half (52%) would use the internet.
This is reversed by those over 65 with only a quarter (24%) seeking guidance initially from friends and family and a similar number (23%) using the internet.
However, 28% of older people would make an IFA their first port of call for financial advice.
The report found there is strong evidence to show that those who do use an IFA place great value on the advice they receive.
Some 95% of people who consulted an IFA said they had benefited from the experience, felt more comfortable with how they managed their money (44%) and more confident that they were making the right decisions (42%).
The publication of the report coincides with the launch of a new guide aimed at financial advisers preparing to make the transition from commission to adviser charging.
Graham Boffey, distribution director at Aviva UK Life, said: "It's a concern that so many people are relying on friends or family and the internet for financial advice and that they are not aware of what an IFA could offer them.
"But it's also quite evident that those people who take professional financial advice find it adds value and gives them confidence in their decisions.
"Creating a deeper understanding of the benefits to consumers and the value of professional advice is increasingly important as we approach the implementation of the Retail Distribution Review late next year," he added.
