But he said the industry should do more to promote the real value of advice.
He said: "I can understand if cost may be an issue for those with modest pension funds as it is not cost-effective for both parties to do business. So seeing Pension Wise may be sufficient for them.
"Perhaps the issue for others with larger pension funds is that they do not understand the value a good financial planner adds.
"Because if one knew with certainty of the benefits - that they would have a clear picture of their financial future, peace of mind, improvements in their tax efficiency, higher potential retirement incomes, reduced risk of unsuitable investments and unsustainable income withdrawals, a professional acting in their best interests, etc - then I don’t believe the average cost charged would be an issue."