The head of UK sales at Legg Mason said that although financial advisers were “not always painted in the most favourable light”, this did not do justice to the value added by a financial adviser.
Mr Gent said: “The overwhelming majority of investors who use one value their advice, think they have their best interests at heart and appreciate the access they provide to opportunities they would not have found on their own.”
His comments followed research from Legg Mason Global Asset Management, conducted just over one year since the implementation of the RDR, which revealed that 98 per cent of UK adults who used a financial adviser believed their adviser had their clients’ best interests at heart.
Some 88 per cent believed advisers would help them to retire at their desired age.
Legg Mason interviewed 200 UK investors about their attitudes to financial advice as part of a global research project that sought the opinion of more than 4000 investors across 20 countries.
The research also found that 89 per cent of investors said advisers brought investment opportunities they would not find on their own, while 70 per cent of those who used an adviser said they would be able to provide for their family after they had gone, compared with 56 per cent of those who did not use one.
|Other key findings:|
• 97% agreed that advisers took time to know and understand a client’s financial situation and goals
• 98% agreed advisers were transparent about fees and charges
• 99% said advisers were available and responsive
• 91% believed advisers educated clients about financial matters
Peter Davies, founder of Cardiff-based Create Wealth, said: “We do seek feedback from our clients, and pay close attention to it, so it is pleasing to see these results. Ultimately, my aim as an adviser is that our clients get good outcomes.”