Wednesday, 27 November 2013 12:31
Most Britons unaware of Financial Planning benefits
The majority of Britons are unaware of the benefits of professional Financial Planning advice, a poll for Financial Planning Week reveals today.
The poll, conducted by YouGov for Financial Planning Week in association with Liontrust, questioned over 2,000 people across Britain, and has produced interesting insights.
Respondents were asked to think about what they see as the major benefits of using a financial adviser or a Financial Planner. The results show that the benefits of professional advice are a well kept secret for the majority of people. Some 22% said they don't know what the benefits might be and 36% could think of no benefits.
Some 17% thought that a major benefit of an adviser or planner would be that they could research the entire market and recommend the most appropriate investment products.
The financial world is certainly made more complicated by the jargon that is involved with 13% believing that a major benefit of an adviser is that they could simplify things.
However, only 11% think that the adviser would help them come up with a long term plan that best suits their needs. Just 8% believe they would get peace of mind that their financial affairs were in order and were being regularly monitored.
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The survey also found that 82% of respondents worry about money some, most or all of the time compared to just 60% in 2011.
To help people to experience for themselves the significant value of professional Financial Planning advice consumers are being encouraged to take advantage of one of the free financial surgeries being offered by professional Financial Planners across the UK as part of Financial Planning Week.
Steve Gazzard CFPCM, chief executive of the Institute of Financial Planning, said: "Those who have taken professional advice and have a comprehensive financial plan in place regularly report that the major benefit is that they have 'peace of mind', are better organised and more confident when it comes to their money."
Rebecca Taylor FIFP, CFPCM of Dunham Financial Services and President of IFP, said:"The unfortunate reality for professional Financial Planners is that the British public has little awareness of genuine Financial Planning. I would urge everyone to book in for a free Financial Planning surgery this week, you may just find that it is easier to plan when there is no urgency than to wait until you really need something."
Alan Dick CFPCM, of Forty Two Wealth Management and IFP Vice President, said: "Without professional help very few people ever get round to taking the necessary action. As the majority of respondents are not aware of the benefits of professional advice, I hope that as a result of all the activities taking place this week, especially the free financial surgeries and IFP's ask a planner service, we can start to break down the barriers and help people to see for themselves what a powerful force Financial Planning really is."
To help people improve their financial "fitness", tips and tools are available free of charge on www.financialplanningweek.org.uk. Members of the public can also take advantage of free financial surgeries offered by professional planners around the country, including many of the IFP's Accredited Financial Planning FirmsTM.
The poll, conducted by YouGov for Financial Planning Week in association with Liontrust, questioned over 2,000 people across Britain, and has produced interesting insights.
Respondents were asked to think about what they see as the major benefits of using a financial adviser or a Financial Planner. The results show that the benefits of professional advice are a well kept secret for the majority of people. Some 22% said they don't know what the benefits might be and 36% could think of no benefits.
Some 17% thought that a major benefit of an adviser or planner would be that they could research the entire market and recommend the most appropriate investment products.
The financial world is certainly made more complicated by the jargon that is involved with 13% believing that a major benefit of an adviser is that they could simplify things.
However, only 11% think that the adviser would help them come up with a long term plan that best suits their needs. Just 8% believe they would get peace of mind that their financial affairs were in order and were being regularly monitored.
{desktop}{/desktop}{mobile}{/mobile}
The survey also found that 82% of respondents worry about money some, most or all of the time compared to just 60% in 2011.
To help people to experience for themselves the significant value of professional Financial Planning advice consumers are being encouraged to take advantage of one of the free financial surgeries being offered by professional Financial Planners across the UK as part of Financial Planning Week.
Steve Gazzard CFPCM, chief executive of the Institute of Financial Planning, said: "Those who have taken professional advice and have a comprehensive financial plan in place regularly report that the major benefit is that they have 'peace of mind', are better organised and more confident when it comes to their money."
Rebecca Taylor FIFP, CFPCM of Dunham Financial Services and President of IFP, said:"The unfortunate reality for professional Financial Planners is that the British public has little awareness of genuine Financial Planning. I would urge everyone to book in for a free Financial Planning surgery this week, you may just find that it is easier to plan when there is no urgency than to wait until you really need something."
Alan Dick CFPCM, of Forty Two Wealth Management and IFP Vice President, said: "Without professional help very few people ever get round to taking the necessary action. As the majority of respondents are not aware of the benefits of professional advice, I hope that as a result of all the activities taking place this week, especially the free financial surgeries and IFP's ask a planner service, we can start to break down the barriers and help people to see for themselves what a powerful force Financial Planning really is."
To help people improve their financial "fitness", tips and tools are available free of charge on www.financialplanningweek.org.uk. Members of the public can also take advantage of free financial surgeries offered by professional planners around the country, including many of the IFP's Accredited Financial Planning FirmsTM.
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