Consumers seek financial guru, motivational coach and personal shopper - Aegon survey

A financial guru and a personal shopper are just some of the core consumer needs that have been identified in what consumers want from financial advisers, according to Aegon UK.

In its sixth Thinkpiece, published by the Chartered Insurance Institute, Aegon discussed the findings of its 18-month consumer research project and has sought to determine core consumer goals.

It identified five advice concepts, including a financial guru, or an independent expert giving high quality, holistic, ongoing, and personalised financial advice. It also indicated the need for a financial coach to get people motivated for financial planning and keep them committed. Also a drop-in centre was priority as an initial problem-solving service for people with specific financial problems or needs.

In addition, it also highlighted a need for a personal shopper, to simplify the choice available and provide products to suit the customer's needs, and a financial superstore, where this will make buying easier for people with straightforward needs or who have a good understanding of what they want.

The call for action is in response to the retail distribution review interim report, where Aegon believes its research demonstrates that consumers would respond positively to new models of advice being developed, and that the retail distribution review must encourage this.

Francis McGee, head of corporate affairs for Aegon, said: "Our research showed people are keen to take financial advice that helps them gain confidence and overcome what they recognise to be bad habits and do the right thing with their finances.

"The FSA must remember that one of the original aims of the RDR was to open up advice to the wider market. Good quality financial advice is essential to helping people take out the protection and savings they need for the future, so let us work together to make this a reality."

David Thomson, director for policy and public affairs for the CII, backed the research and added: "Much of the current RDR debate has focused on regulatory reforms but just as important is ensuring the voice of the customer is heard. This research and its findings does just that.

"How customers behave and navigate through the often bewildering world of financial services is fundamental to the changes needed to help improve public trust and confidence."