Lack of understanding the main reason for not seeking an adviser

There is still a high propensity to seek an adviser in the future

Sahar Nazir
clock • 2 min read

Nearly half (44%) of people who do not use a financial adviser have said that it is due to a lack of understanding of what they can offer them.

This is according to the Intergenerational Wealth Report 2023 conducted by TIME Investments in January 2023 among 500 people - 250 of them aged between 18 and 26 and 250 aged between 27 to 42 all with annual incomes of £50,000 and above. Of the 44% who do not already use an adviser, the study found that some of the reason include perceiving them as "too expensive" and/or they have decided that they will manage their own finances. However, 46% of this group said that they were likely to use one in the future and a further 34% said they were unsure. Just 16% said they were unlikely to u...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Adviser / Broking

COVER Women in Protection and Health Awards 2025: Five days left to enter

COVER Women in Protection and Health Awards 2025: Five days left to enter

Deadline is 22 November, 2024

COVER
clock 18 November 2024 • 2 min read
Advisers warn FCA of poor customer outcomes from market study 'rash decisions'

Advisers warn FCA of poor customer outcomes from market study 'rash decisions'

“We need to ensure the wider impact is being considered”

Jaskeet Briah
clock 15 November 2024 • 6 min read
FCA warns of Rosemount clone

FCA warns of Rosemount clone

Fraudsters targeting individuals

Isabel Baxter
clock 11 November 2024 • 1 min read