Ronnie Taylor, chief distribution officer at Aegon, said: “While RDR has brought about an increase in advice standards, adviser professionalism and fee transparency, the problem of people’s perceptions lags behind progress in other areas.
“A relatively small proportion of the population have actually experienced advice, so it’s not entirely surprising that the population as a whole has misconceptions about it.”
Mr Richards agreed. He said: “Perception is most people’s reality until proven otherwise.
“Clients trust their adviser, but may still have a negative perception of the sector, often feeling that they are lucky and assume that their trusted adviser is in the minority, rather than representative of the majority.”
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