A recent survey of 2000 individuals by YouGov on behalf of Deloitte showed that consumers are unwilling to pay fee to receive financial advice. According to the report:

“More than half (54%) have said they will refuse advice rather than have to pay a fee while just under half (47%) would see an adviser less frequently if charged between £400 and £600, or 3% of invested assets.”

Beginning from 2013, UK consumers would have to pay fee to receive financial advice instead of paying commissions. Numerically and mathematically there should not be any difference as consumers are not double charged. Yet, the unwillingness to pay fee is to me an indication that financial advisers are not viewed as a professional. Another possible reason is because the real demand for professional advice has never been that large. Instead, consumers traditionally have been demanding for advice not because they need ...