Trust and personal rapport are the most important things that consumers rate in financial advisers, ...
Trust and personal rapport are the most important things that consumers rate in financial advisers, according to research from AMP.
At the same time, consumers are suspicious of the way commission is paid, the work carried out by Team Spirit and Frank Research found.
The report concluded that consumers see advisers as a crucial part of the decision-making process but are wary about intermediary relationships with providers.
The research exposed a lack of knowledge about the way that the advice process works and a lack of confidence in decisions being made, according to Jo Parker, director at Team Spirit. She said: 'A lot of interviewees used the words 'hope' and 'faith' a lot in discussions about purchasing more advanced products.'
She added the research indicated that consumers want more information about the training and qualifications of intermediaries and there was a lack of knowledge about the amount and type of training needed to be a financial adviser.
Parker said there was a general ignorance about the relationship between advisers, providers and the public in distribution. She pointed to the fact that consumers did not see a difference between selecting products using panels and a multi-tie regime as evidence that they were uncertain about how products are selected.
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