Canada Life and AKG’s “State of flux” report revealed a low engagement rate with and lack of trust in financial advice.
In response, Tom Evans, Canada Life UK’s managing director, retirement, called for organisations to “do a better job of communicating and marketing both the benefits and value of financial advice.”
The report revealed over a fifth of UK adults wouldn’t seek financial advice – even if it was free – and many have jaded views of the industry.
Keily Vanstone, head of brand at Canada Life UK, said the report aims to drive conversations and raise awareness of the market while amplifying the benefits of financial advice to its customers.
“We understand that having a financially secure future is a goal that many of our customers aspire to achieve.
“However, we are living in an increasingly complex world and it’s becoming more difficult to look beyond the here and now. And this is where the value of financial advice comes into play,” Vanstone told Financial Promoter.
Canada Life’s effort to close the financial advice gap includes sponsoring Pensions Awareness Week and investing in building a CPD hub – ican Academy – to deliver its most popular content tailored to advisers.
“This is our response to the changing demands of the advice industry – a digital proposition to educate and engage advisers,” added Vanstone.
Canada Life is also investing in CPD-accredited learning, looking at behavioural bias in the relationships between financial advisers and their clients.
“We’re really pleased with what we have been able to achieve in this space in 2023, but there are clearly many opportunities to explore with regards to helping to communicate the value of financial advice,” said Vanstone.
“Watch this space for more from Canada Life in 2024.”