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There is an advice gap amongst the next generation and “all evidence” points to this being the case, according to Schroders head of UK intermediary solutions Gillian Hepburn.
The majority (58%) of financial advisers have said the Consumer Duty regulation will result in an increased advice gap, according to research from Quilter.
Latest research underlines what we know to be true: that there is an unmistakeable financial advice gap in the UK. However, three new insights suggest how it can be addressed, writes Derek Smith
The financial services sector has been urged to ramp up financial education to the public to win back the trust of consumers. This comes on the back of latest consumer report by financial services consultancy firm Lang Cat that highlighted lack of trust as the biggest issue for the advice sector.
Non-advised clients cited trust as one of the main barriers that stopped them seeking financial advice, a new study finds.