The report is titled ‘Winning Propositions: The consumer market post-RDR’ and JPMAM had questioned 2,000 high mass affluent to HNWI with a gross household income in excess of GBP50,000 for the survey.
Further, the research has revealed that despite many industry commentators expecting direct to consumer services to be used more widely after the Retail Distribution Review (RDR) is implemented, just 19% of those individuals questioned wanted to be self directed.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The report has also suggested that the number of these people looking for advice has increased, with 75% saying they had used an adviser in the past, but 85% saying they were willing to use one in future.
It is among individuals with household income between GBP150,000 to GBP250,000 that the interest in using a professional adviser peaked.
However, only 13% were found to be looking out for an ongoing fee-based service.
Meanwhile, the report has identified the need for expertise and lack of own knowledge as the most common trigger for seeking out professional financial advice.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe most common concern for 75% of the respondents was found to be retirement planning and only a quarter stated they were confident enough to both research and set up a pension plan for themselves.
