Financial Guidance Will Not Make It Better

Financial Guidance Will Not Make It Better

Research by IFA Promotions (IFAP) the independent financial adviser lobby group shows that only 16 per cent of advisers believe generic advice will improve the take-up of savings products, 24 per cent believe generic advice will lead to a decline in take-up of savings products and just over 60 per cent think that it will have no impact.

The research also showed that IFAs favour increasing the level of qualifications among their profession, with 74 per cent stating that it is important to hold incremental qualifications over and above the current benchmark.

Our view

We agree with IFAP and most other advisers.  Financial Guidance on its own will not improve the level of savings.  What we suggest though is that it will help people make less mistakes when dealing with sharp operating banks or insurers and perhaps encourage them to seek expert independent financial advice.

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