There are numerous surveys that showed that consumers are unwilling to pay a fee for financial advice. The latest one was an online survey conducted by MAS which showed that 80% of the respondents are not keen to pay for financial advice. But the question is - what exactly is ‘advice’ in the minds of these respondents?
The respondent to the survey questions will answer based on his personal experience. If we ask the individual “Will you pay for financial advice?”, he or she will answer based on his past experience with financial advisers. Usually the mental picture of a financial adviser goes like this:
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Mental image 1: A financial adviser is the one who hangs around at bus interchanges in groups pretending to conduct surveys but ends up selling insurance products. (In other words, a financial adviser is a pretender.) Would anyone want to pay fees to ...
