More than a quarter of consumers are put off from seeking financial advice because of its cost, research suggests.
The latest survey, carried out by YouGov for the IFP polling over 2,000 adults, shows 28% of people cited cost as the biggest barrier to getting financial advice whilst 18% said lack of trust was the main obstacle.
"Today's result shows us that cost and lack of trust still weigh heavily on people's minds when they consider their need for financial advice," says IFP CEO Nick Cann (pictured).
The findings add weight to fears consumers will be unwilling or unable to pay for financial advice in a post-RDR world.
Research carried out by CoreData in September suggests advisers are shifting their attention to high net worth clients amid fears the mass market will be reluctant to pay fees from 2013.
Today's YouGov poll also suggests the cost restraint is particularly an issue with the young, with 38% of those aged between 25-34 citing it as an obstacle to getting financial advice.
Just 22% of those aged over 55 said cost of advice was the biggest barrier to seeking the services of an adviser.
Cann adds the poll findings highlight the "huge job" the profession faces in engaging with consumers and better communicating both the cost and value of advice.
"There are individual firms that communicate this very well and the financial planning profession now has a track record in delivering a great service, but overall the statistics tell us that we as an industry could still be doing more to get the message out."
Marlene Shalton of Bluefin Wealth Management accepts cost concerns are an issue but says any service comes with a price.
"It really does depend on what you get for your money and the value that it provides for you," she says.
"Unfortunately, too many advisers in the past have given clients the impression that their services are free, when in fact that has not been the case. You would have paid one way or another."
But she adds paying for advice need not be overly-expensive and the price should be agreed before work is undertaken. "It is usually more complex circumstances that require greater time and effort where fees may be higher."
This week, the IFP is running a series of daily polls to gauge views on personal finance as part of its Financial Planning Week. For more information click here
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