It has long been accepted that whilst the vast majority of clients of financial advice firms trust their adviser to act in their best interests, the same clients generally have little trust in other advisers or the profession in general.
Consumer research provides evidence that retail financial services firms are viewed with suspicion and a lack of trust, which is something we need to change. This may be part of the reason why there is such a ‘savings gap’ in the UK – the fact that people just aren’t saving enough for their future.
Progress in action
The implementation of the Retail Distribution Review (RDR) last year went some way to addressing this issue by increasing the transparency of how we as advisers charge for our services, whilst also making advisers more highly qualified than may have been the case in the past.
However, if we are to continue to improve our perception amongst the general public we need to find a way to engage with them on their terms.
Part of the way in which we at IQ do this is by embracing things such as Facebook and other social media, allowing both existing clients and potential clients of the future to reach us and ask us for guidance on things that may be concerning them.
We believe that over time this interaction creates trust and credibility, traits that we believe are essential in our role as financial planners.
Uniting behind professionalism
All advice firms must now be a member of a professional body. Similar to the way the legal profession espouses membership of the Law Society, the adherence to a code of professional ethics is important and reassuring to consumers, as is our commitment to continually updating our knowledge and skills through continuing professional development (CPD).
In addition to compulsory membership of our professional body, The Personal Finance Society, IQ Financial Advice supports their Consumer Confidence Campaign . The campaign aims to raise the bar for financial services firms, both in terms of public perception and in the attractiveness of the profession to future graduates.
Our ultimate ambition is to help create a more 
vibrant financial planning sector that is well thought of and highly trusted. This way, more consumers will seek professional financial advice and be confident in paying for the expertise of highly qualified and ethical advisers. This is aligned with our goal as a business to secure our clients’ financial futures and to help them achieve the things they want most out of life.