We strongly believe that financial advice shouldn’t just be for those who think they can afford it.
In fact, it could be considered a tad more important to someone seeking advice about their only £50,000, compared to another investor adding £50,000 to an already healthy fund.
However, recent press reports reveal that the majority of people think financial advice is unaffordable and therefore not an option for them. We backed the decision to end commission-based advice and, on the whole, it’s been a good thing.
But it’s worrying if it stops people seeking advice about basic needs, such as providing for long-term care or ill health.
We don’t think this is right and believe the longer-term cost and impact of not taking advice is much higher than the cost of getting it in the first place.