|Posted on 28 September, 2016 at 10:40|
Recent research from Investment Trends indicates a surge in demand for financial guidance and advice from Australian consumers that is not being addressed by professional advisers.
Head of research, wealth management at Investment Trends Recep Peker said the study found that 92 per cent of Australians are concerned about their financial situation — an increase from 82 per cent in 2013.
The study found the top barriers preventing people from seeking out advice were: perceptions of insufficient funds (27 per cent), high costs (20 per cent) and lack of time (19 per cent). Consumers expect to pay $780 for initial up-front advice, whereas the average cost of providing advice is $2,500.