Financial advisers less trusted than lawyers but more trusted than builders
14 June, 2023
New data from investment research and online publisher Boring Money shows that the average UK adult finds financial advisers less trustworthy than lawyers, police officers and priests.
Financial advisers are less trusted than doctors, lawyers, accountants, police officers and priests, but more trusted than builders, fund managers, journalists and influencers.
Only 16% of non-advised UK adults selected financial advisers as one of the professions they see as being ‘most trusted’
However this number doubled amongst advised adults, confirming that many who do seek advice have a positive relationship with their adviser
Lack of professional trust is a lingering barrier to greater adoption of advice in the UK
Since 2021 the % of UK adults reporting they would go to a financial adviser for advice has fallen from 51% to 42%. At the same time the % reporting they would look to social media for advice has risen from 4% to 10%
Boring Money CEO Holly Mackay comments:
“Our new research confirms that the Advice Gap in the UK remains persistently high, with over 12 million people not having the help they want to support better financial choices and peace of mind.
Better technology can play a role in supporting advisers to help more customers. However on the demand side, a key impediment remains the lack of trust, most notable amongst those who don’t have an adviser today. A lack of clarity about the benefits of financial planning, combined with opacity around charging, are key contributors to a lingering sense of suspicion about the profession”.
Notes to editors:
1. Boring Money is an independent research and publishing house which provides information, tips and Best Buy tools to savers and investors. Currently, the website has over 200,000 monthly readers.
The business conducts regular research with industry providers and UK consumers to track the developing DIY investment market from both the customer and provider perspective. Boring Money holds test accounts with over 25 investment platform providers. It also holds regular focus groups and interviews with consumers to ensure regular input and feedback from the user perspective.
2. Founder Holly Mackay has worked in the investment industry for 20 years and is supported by a team of 28 researchers, analysts, technologists and marketing execs. Boring Money is not regulated to give personal financial advice nor is it regulated by the industry watchdog.
3. This data was extracted from The Future of Advice, a report designed to support platforms, banks, investment firms, pensions providers and advice firms with data, consumer research, segmentation and consultative insights.
4. The report has been compiled from Nat rep survey data from 3,000 UK Adults, plus a boosted sample of High Net Worth individuals, additional surveys of 1,000 investors currently receiving advice and commentary from directors of advice firms and platform.
