Delays cause 'inefficiencies' in male-dominated advice sector

Clients and advisers frustrated by red tape

clock • 2 min read

Financial advice is still dominated by middle-aged men and red tape is causing lengthy delays for clients accessing advice, research by NextWealth and the Personal Finance Society (PFS) has found.

The consultancy and trade body together surveyed 482 PFS members in July and found just a fifth (20%) of financial planners were female, while the average age of planners was 49. Elsewhere, it found clients wait up to four weeks from their first point of contact with a planner before they receive advice, mainly because financial planners need to wait for providers to release information on existing policies. NextWealth managing director Heather Hopkins said: "The most dramatic finding is the inefficiencies at the heart of retail investing. The lengthiest step in the process is waiting...

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