Almost half the population in Scotland have "no need of financial advisers" and three-quarters of th...
Almost half the population in Scotland have "no need of financial advisers" and three-quarters of the UK population believe IFAs are only for the well-off, based on research commissioned by Intelligent Finance.
Almost four out of every ten people (38%) do not think they will have a need to consult a financial adviser in the near future, while 46% in Scotland and 43% in Wales do not need to discuss their finances with an IFA, suggests research compiled by ICM.
Just as worrying is evidence which suggests of the 1000 people questioned around the UK, only 22% say they plan to discuss their finances with an adviser over the next year and less than one in three (29%) has plans to see an IFA within the next five years.
That said, despite believing IFAs are "only applicable to people who were rich or well-off", at least 72% of those questioned say they would consult a mortgage adviser when buying a house.
Ian Jeffery, sales and service director at Intelligent Finance says while this may be depressing news for the financial services industry, the potential client market should be viewed as an opportunity.
"Research indicates that a large percentage of the target audience sees no need for their services," says Jeffrey.
"This percentage of the population is, therefore, an untapped marketplace that could be persuaded on the merits of financial advice and the challenge is to reverse those opinions," he adds.
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