7 Per Cent Can Access Financial Adviser

Just 7 Per Cent Could Get A Financial Adviser.

We have been working on some facts and figures that may astound you when it comes to the financial advice industry.

You may be aware that the Financial Advice industry went through major changes last year and forced all financial companies, when offering financial advice to charge a fee.

The new rules were called RDR the Retail Distribution Review.

Financial Advice must now be charged as a fee.

Many banks have closed their financial advice arms.

Thousands of financial advisers have left the industry.

Before the credit crunch, in 2008 there were around 37,000 financial advisers. Last year there were just 35,000.

Now, in 2013, based upon the latest figures release by the Financial Services Authority, for numbers of financial advisers that have their Statement of
Professional Standing, there are just 31,000.

• • UK Population c65,000 people

• • Number ofAdvisersc31,000.

• • Number of clients the averageadvisercan manage 150.

• • This means the capacity forfinancialadviserto consumer is 4.6m people.

In short, even if we all wantedfinancialadvice, just 7% of the population could actually get it.