Advice gap widens as advisers urged to do 'a better marketing job'

Lack of education on financial advisory is main perpetuator for the advice gap

Sahar Nazir
clock • 1 min read

The number of consumers seeking financial advice dropped by 42% towards the end of May and early June 2023, according to Boring Money.

The firm's ‘Future of Advice' report for 2021 looked at data from 3,000 national representative adults  and 1,000 advised adults. Founder Holly Mackay told COVER's sister title, Professional Adviser, that advice firms need to "do a better marketing job" in order to find ways to attract clients. "There is a lack of guidance in the sector, and clients are struggling to trust financial advisers due to a lack of education," she said. "We have seen a decline in the number of people saying they would turn to a financial adviser for advice - this has fallen from 52% in 2021 to 42% in 2023...

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