End investors are looking for ‘peace of mind’ in financial advice, Cofunds finds

Almost half of end investors are looking for peace of mind when it comes to seeking financial advice, according to research published by funds platform Cofunds.

In the run up to RDR implementation, Cofunds asked a representative sample of UK adults what they are looking to get from professional financial advice.

While 48% said they’re looking for peace of mind in some form, there was still over a third (37%) for whom none of the anecdotal evidence-inspired answers applied and for whom the job to be done was an unspecified ‘other’.

The platform put the same question to 202 financial advisers to establish what they believe their clients want from them. Again they were asked to tick each statement they thought applied.

Over 85% of advisers polled said their clients looked to them to provide peace of mind. In contrast to the responses from end investors, only 8% of the financial advisers polled felt that their clients came to see them for an entirely different reason to any listed.

The exercise was intended to establish what the jobs to be done are when it comes to financial advice – what it exposed was a potential gap between what people actually want to get from their financial adviser and what advisers believe clients and prospects want.

And as such it raised a number of questions which the platform believes warrant further and fuller investigation.

Verona Smith, director of marketing at Cofunds said: “This was just a toe the water to get a sense of what it is end investors are looking to their financial adviser to provide beyond the practical side of securing their long-term financial future. The results raise a number of questions which warrant further and fuller investigation, in particular getting to the bottom of what exactly those jobs are that come under ‘other’.”

preloader
Close Window
View the Magazine





You need to fill all required fields!