Lack of understanding the main reason for not seeking an adviser

There is still a high propensity to seek an adviser in the future

Sahar Nazir
clock • 2 min read

Nearly half (44%) of people who do not use a financial adviser have said that it is due to a lack of understanding of what they can offer them.

This is according to the Intergenerational Wealth Report 2023 conducted by TIME Investments in January 2023 among 500 people - 250 of them aged between 18 and 26 and 250 aged between 27 to 42 all with annual incomes of £50,000 and above. Of the 44% who do not already use an adviser, the study found that some of the reason include perceiving them as "too expensive" and/or they have decided that they will manage their own finances. However, 46% of this group said that they were likely to use one in the future and a further 34% said they were unsure. Just 16% said they were unlikely to u...

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

Professional Adviser's flagship conference PA360 returns for 2026

Professional Adviser's flagship conference PA360 returns for 2026

PA360: Actionable insights – Smarter Outcomes open for adviser registrations

Professional Adviser
clock 05 December 2025 • 1 min read
Feel Good Friday: One Four Nine Wealth hosts charity blood drive

Feel Good Friday: One Four Nine Wealth hosts charity blood drive

In support of the Scottish National Blood Transfusion Service

Professional Adviser
clock 05 December 2025 • 1 min read
Nici Audhlam-Gardiner: Wider basic advice adoption could shrink advice gap

Nici Audhlam-Gardiner: Wider basic advice adoption could shrink advice gap

'There is no need to reinvent the wheel here'

Nici Audhlam-Gardiner
clock 04 December 2025 • 4 min read