Lack of trust in advisers labelled as main advice gap perpetuator

'We have Chartered now, but maybe Chartered is not enough'

Sahar Nazir
clock • 2 min read

People's lack of trust in advisers is the main reason more do not reach out for financial advice, according to The Lang Cat.

The study from the financial services consultancy was conducted among 2,035 consumers and looked at the last two years. As part of the consumer research, The Lang Cat asked an open ended question: "What word(s) come to mind when you hear the words ‘financial advice'?". Among the range of responses, almost a quarter (21%) of the responses were negative. Words such as ‘untrustworthy', ‘scam', and ‘dodgy' and ‘risky' were commonly associated with financial advisers. When it came to levels of trust, financial advisers rated below banks and pension companies. The Lang Cat said th...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Consumer Duty Alliance looks to attract advice industry talent

Consumer Duty Alliance looks to attract advice industry talent

New Talent Alliance will be chaired by M&G Wealth Advice MD Tom Hegarty

Isabel Baxter
clock 27 March 2024 • 2 min read
PA Working Lunches: Register today to hear from SimplyBiz

PA Working Lunches: Register today to hear from SimplyBiz

Join us for an informative session worth one hour of CPD

Professional Adviser
clock 27 March 2024 • 1 min read
FCA warns firms and finfluencers to 'keep social media ads lawful'

FCA warns firms and finfluencers to 'keep social media ads lawful'

Regulator sets guidance for financial services promotion

Isabel Baxter
clock 26 March 2024 • 3 min read