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...

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