Perception of advisers needs to change to close advice gap - OpenMoney report

'Expensive' and 'untrustworthy'

Tom Ellis
clock • 1 min read

Research commissioned by OpenMoney has found that the public’s perception of financial advisers might be the reason why so few people take regulated financial advice.

The online advice service company's research, carried out in conjunction with YouGov, found many British people associated negative words with the term financial advice. Frequent words used to describe financial advice of the 2,081 polled included ‘expensive', ‘untrustworthy', as well as more aggressive terms like ‘rip off', ‘con', ‘scam' and ‘money grabbing'. That said, positive words were used, such as ‘help', ‘expert', ‘trust' and ‘managing money', but these were largely outweighed by the negatives, OpenMoney said. The poll found one-in-10 (10%) of the 2,000 respondents had taken p...

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