A joint two year scheme between the Personal Finance Society (PFS) and Citizens Advice Bureaux (CAB) has been hailed a success.
The MoneyPlan scheme, which involved 36 PFS members providing volunteer pro-bono advice across 29 Citizens Advice Bureaux in the UK, was rated highly by four out of five clients.
Analysis of the scheme shows 81% rated the advice as "very helpful", 64% have taken some action as a result of the advice given and 76% say the problem which they needed help with has now been fully or partly resolved.
Over nine out of ten say they prefer face-to-face advice because of the opportunity to examine and receive assistance with understanding documents. Nearly 80% say using MoneyPlan was their first contact with an independent financial adviser.
Fay Goddard, chief executive of the PFS, comments: "The public needs help and guidance today more than ever. They need to be able to talk to a person they can trust, someone who can talk to them in language they understand, and someone who can provide practical and impartial advice that gives them the confidence to take action. MoneyPlan has delivered all of this with resounding success.
"Working with Citizens Advice, we now need to focus on ensuring that the service is promoted and understood by consumers. I will be encouraging more PFS members to come forward to meet the growing demand for the service. Those that have participated have found it a very rewarding experience."IFAonline
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