You are here: Home - Investing -

A third of Brits opt for DIY financial planning to avoid fees

Written by:
32% of consumers will try to go it alone when it comes to financial planning in order to avoid paying for advice.
A third of Brits opt for DIY financial planning to avoid fees

According to business advisory firm, Deloitte, the implementation of the Retail Distribution Review will lead to more people choosing DIY financial planning, rather than pay for the price of professional advice.

The report also suggests that more than a quarter will go directly to the product provider having made their own product choices.

Despite this, only a third are confident they have enough knowledge to choose the right financial product.

Andrew Power, lead RDR partner at Deloitte, said: “This poses a big challenge for banks, insurers and fund managers and they will have to rethink how they deal directly with consumers.

“Over the next five years UK-based providers will have to develop and introduce direct-to-consumer business models.

“Large numbers of consumers are not confident they have enough knowledge to make the right financial decisions and so any direct-to-consumer business model must be kept simple and low-cost.

“There is a risk that consumers who do their own research may not buy the right products – keeping longer term savings in cash, or making investments that are too risky, for example.

“Providers will need to develop websites that provide accessible guidance and financial education.”

Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
financial crash
Osborne’s £37bn QE cash grab will not help UK, says bank boss

Sir Mervyn King, the Bank of England's Governor, told the Chancellor that £37bn cash the Treasury claimed from the QE...