A quarter (23%) of advised clients have chosen to ignore recommendations from their financial advisers, according to a new report.
Transparency was the main reason advised clients chose to ignore the advice they were given.
A third (34%) of those who had gone against advice from their adviser said it was because they had not disclosed relevant information to their adviser that the adviser needed to factor in.
Another third (33%) said they ignored the advice as it was not right for them at the time.
A quarter (27%) were not clear about the outcome of their adviser’s plans, while 28% of investors said the advice they received went against their personal values.
Advice from other sources also had an impact, with 29% of those who went against their financial adviser’s recommendations doing so as they chose to follow the advice of friends and family instead.
Jenny Davidson, intermediary wealth director at Scottish Widows, said: “The ‘honesty gap’ remains a significant challenge for advisers. When people withhold or overlook key details, it can directly affect the quality and relevance of the financial advice they receive. And while friends and family may feel like a natural first port of call, their guidance may lack the professional and impartial expertise of regulated financial advice.
“Ultimately, effective advice only works on trust - and without transparency, there is a real risk that individuals make decisions that could lead to poorer financial outcomes.”
The survey also found that advised investors were increasing their use of AI to support financial decisions.
Two third of investors (63%) said they have considered low-cost AI-powered services to help with basic Financial Planning. Advised investors were most likely to use such a service for basic planning needs (72%) with a quarter (24%) saying they were likely to use AI services if it were available.
Half (49%) of investors said they saw AI as a good starting point for Financial Planning but would continue to seek specialist human-led advice for more complex elements.
Only a third (36%) of investors said they would like to engage with real-life advisers from the start, in comparison to 9% who said they would prefer no human contact at all.
• Censuswide surveyed 1001 UK consumers with a minimum of £100,000 in investible assets on behalf of Scottish Widows. The survey was carried out in July 2025.