Our financial advisors in Lancaster are generally rushed off their feet helping people in need of financial guidance and help, but we do come across some people who have put off coming to seek help with their finances for a long while before deciding to take the plunge.
So why is it that seeking help with your finances seems to be something that many people try to put off for as long as possible?
According to research conducted by Old Mutual Wealth and Intrinsic, many people are put off because they believe the service will cost them too much.
What Are the Key Barriers?
According to the study, 37% of participants said that cost was the biggest worry for them when it came to the topic of financial advice.
44% of respondents reported that they would rather not pay any kind of fee for financial advice; a further 33% said that they weren’t sure how much they would want to pay for such a service, whereas 15% said that they would be willing to pay up to £250.
Other reasons for not visiting a financial advisor were mentioned, but the majority of them still have a financial basis. A worrying 33% believed that they wouldn’t need a financial advisor because they didn’t have enough money, while an even more worrying 31% believed that they would be paying for a service that they didn’t need. A further 15% stated that they weren’t convinced that a financial advisor could help them or offer any value to them.
Sadly, only 20% of people surveyed said that there was nothing stopping them from seeing an advisor but instead chose not to, showing that there may be a large population of people who desperately need financial advice but won’t ask for it.
Other barriers reported included:
- The fear that some advisors would be biased towards some products
- Not knowing which advisors could be trusted
- Not knowing which advisors would give them the right advice they needed.
What is the Future of Financial Advice?
As financial advisors, we understand that money is very precious to people and not everyone will want to pay out for advice that they feel they don’t need.
That’s why here at Burton and Fisher, we work quickly to determine the best possible financial advice on a client to client basis, making sure that our clients’ fears and worries are dealt with in a timely manner and giving them the best quality advice for their money.
Intrinsic’s chief executive, Richard Freeman has said “To many people, paying for advice can feel like a fee to shelter themselves from tomorrow’s problems.”
“As a result, some put off taking advice or choose not to take it altogether. However, advice allows people to plan a sustainable retirement income strategy and protect their family if they become unwell or unable to support them”.
Building a strategy and helping you with your financial worries is what we do best here at Burton and Fisher and we want to ensure that you are hurdling over those barriers and making a serious difference to your family’s long term financial security.
For more information on how we can help you with your finances, don’t delay in getting in touch with one of our expert advisors. Call us today on 01524 416872 and we will be more than happy to help you with your enquiries.