Aegon reveals consumers' distrust of advisers
By Lucy Quinton
Consumers do not believe that unbiased and impartial advice exists, according to research conducted by Aegon.
Aegon identified and tested five advice concepts that emerged from workshops it hosted. Consumers were asked how they felt about financial planning and asked to design their ideal financial adviser or advice solution. They said they were looking to other retail industries for inspiration to give them more confidence in buying financial products.
The five concepts Aegon identified were: financial guru; life coach; personal shopper; drop-in centre; and financial superstore.
The provider found that consumers wanted an ongoing relationship with an adviser giving impartial, holistic advice but do not believe it is available.
Francis McGee, head of corporate affairs at Aegon, said the research showed people borrowed ideas from areas where advice on decisions or taking control over aspects of their lives was sought and had adapted them to the financial services arena.
