Boston, MA -- (SBWIRE) -- 05/30/2012 -- Introduction: Consumer willingness to pay for advice is a key issue in a number of national markets as calls for increased transparency and changing regulation make this a pressing topic. A legacy of so called "free" advice makes any shift towards a fee-only model a big change for many consumers. Providers therefore must understand what a target segment of consumers want and need from financial advice.
- Boost take up of fee-based advice by learning what consumers are looking for from a professional financial advice service.
- Improve customer acquisition with insight into the perceived barriers to seeking financial advice.
- Strengthen relationships with consumers through discovering the key concerns over their finances.
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The willingness of consumers to pay for advice will be affected by their previous experiences of financial advice, their expectations, and the service that they are looking for. Consumer understanding of how advice is funded in a commission-based model may also be a contributing factor in their willingness to pay an upfront fee.
By exploring a range of global markets it is possible to identify the target consumers for a fee-only model of advice and assess the needs of these consumers as well as their willingness to pay for advice. By identifying the advice that consumers are most likely to need, advisors will be able to better target consumers with an appropriate offering.
Currently only a relatively small proportion of consumers have paid for financial advice. Across all the markets examined only 14.8% of consumers paid a fee last time that they sought advice. Any move towards a fee-only model of advice will therefore mean a huge shift in the consumer psyche.
Reasons to Get this Report
- What do a target segment of consumers look for in a professional financial advice service?
- What are the current perceived barriers to financial advice?
- How can providers attract consumers to a fee-based model of advice?
- Which factors will drive consumers' willingness to pay for financial advice?
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