Wealthy individuals feel able to manage own finances
For intermediaries only
More than half (53%) of wealthier non-advised individuals feel confident enough to manage their own finances, which proved to be the main reason why they had not sought advice, research by Aegon found.
As part of its Advice Makes Sense initiative, Aegon conducted a study looking at how the public view financial advice.
Those who are wealthy but do not take financial advice found the second biggest barrier to seeking advice was the cost (33%), with trust in advisers following third (24%). A further fifth (21%) said they already had financial plans in place.
The research found that just under one in five (17%) wealthier individuals had an adviser, and the majority (94%) of those were either happy or very happy with the service they received.
Aegon chief distribution officer Ronnie Taylor (pictured) said:"Our research shows that despite the weight of evidence showing the benefits of advice, there are a variety of reasons that are stopping more people accessing it.
"Having a better understanding of the general perceptions people have about advice is key to unlocking potential clients and helping more people benefit from financial advice. This is particularly relevant in the current climate as individuals, in the shadow of coronavirus uncertainty, grapple with the big decisions about their financial future."