Affordable Financial Advice Accessibility Report

This report focuses on the affordable advice gap in the financial services sector, particularly concerning consumers seeking assistance with pension withdrawals. It outlines the findings from primary research, including surveys and interviews, that reveal a significant number of consumers desire expert help but feel deterred by the costs associated with financial advice. The report highlights that over half of consumers with Defined Contribution pensions seek guidance, yet only a small percentage are willing to pay high fees for one-off advice. It discusses the implications of the government's Financial Advice Market Review and emphasizes the need for improved transparency in pricing from financial advisers. Recommendations include making price guides publicly available and exploring new models of advice that cater to a broader market, thus addressing the affordability issue. The report aims to inform stakeholders about the barriers consumers face in accessing financial advice and the potential solutions to enhance accessibility.