Openwork calls for 'value of advice' campaign

Openwork calls for 'value of advice' campaign
 Mike Morrow, wealth and platform director at Openwork

National network Openwork has issued a rally cry to the government, schools and industry trade bodies calling for more to be done to promote financial advice as it found people knowledgeable about advice were more willing to pay for it.

In particular the advice network called for greater education surrounding the benefits of financial advice in schools, especially as part of the curriculum in secondary schools. 

It comes as Openwork today (June 9) published research that found clients were receptive to paying for advice, with 65 per cent of advisers agreeing their clients were willing to pay for advice when provided with an explanation and 38 per cent were "happy to pay without any explanation".

The survey of 115 advisers conducted in March found a notable demand for the industry to do more to promote the value of advice and educate potential clients, with more than half agreeing trade bodies should invest more in promoting its benefits.

But the most popular plan of action amongst advisers was to promote the value of advice as part of financial education in schools, with 65 per cent of respondents agreeing more should be done to include it in the curriculum in secondary schools. 

Mike Morrow, wealth and platform director at Openwork, said "now more than ever" the industry should work together to promote the value of advice to the wider population.

Mr Morrow said: "It is clear from this research that advisers believe much more needs to be done by schools, trade bodies, employers and the government to promote the value of financial advice.

"Although we live in challenging and uncertain times, with long term impacts of Covid-19 on society and the economy still unknown, it remains important people understand the benefits of financial advice as well as the different types of services and products out there to support their long term financial wellbeing.

"People will be facing unprecedented financial challenges bought about by Covid-19, with many now having questions or concerns about their own financial situation and unsure where or who to turn to for help."

Advisers also told Openwork they wanted greater action from the government, with 47 per cent agreeing a government-backed campaign which targeted working adults in the UK would be equally effective at promoting the value of financial planning.

Liz Field, chief executive at the Personal Investment Management & Financial Advice Association, said: "We welcome the findings of the Openwork research that add to the ever-growing body of evidence to highlight the important role of our sector and the true value of advice it provides to individuals and families as they plan for their personal financial futures.

"Advice from qualified financial professionals is proven to lead to better financial outcomes across all segments of society.

"It is all our responsibility to ensure that people are provided with the best information, guidance and access to advice to ensure they are empowered to make important decisions about their futures and safeguard their financial and mental wellbeing."