UK public in need of financial advice

6 Apr, 2016

Research released today by HSBC indicates the UK public may be missing out on financial reward by not seeking professional advice.

Of the investments made to-date in 2016, two thirds were arranged without any financial consultation (68%). Over half of respondents planning to make an investment during the remainder of the year are unlikely to seek any advice (51%) and almost a quarter (23%) of those asked felt it was too expensive.

With a fifth (18%) of customers we spoke to during our research telling us that they are looking to make an investment during 2016, HSBC has launched Stand-alone Investment Advice following a successful trial period. The service is designed to provide financial advice for customers looking to invest single lump sums of cash from £15k.

One in five adults in the UK (22%) has £15K or more to invest. Despite this, there is currently a gap in the UK advice market where customers who have smaller amounts of money to invest can’t access the appropriate advice. This could mean customers leave their long-term savings in cash, sitting in bank accounts as seen by almost half of the respondents (47%).

With the introduction of Stand-alone Investment Advice at a 30% discount to full financial advice, HSBC says it is providing a more affordable service to customers as and when they need it, helping them to make the most of their money.