People are as likely to take regulated financial advice as they are to drink kale smoothies and exercise daily.
But those who ditch dieting advice inevitably fail to lose enough weight, just as those who dismiss professional financial advice could fail to gain enough wealth.
Fewer than one in ten use a financial adviser. Price is a barrier, so firms need to find ways to deliver sound advice, at a cost that is fair to both sides.
Nutmeg, a new financial wealth manager, is offering a free initial assessment when you choose them as personal advisers
One of the latest proposals is from Nutmeg – an online wealth manager – which aims to simplify investing for the masses and cut costs.
Its new advice service includes a personal review of finances and a conversation with a regulated financial adviser.
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This initial assessment is free, as is typical for most advisers. You will be turned away if you cannot benefit further or if you should be looking at protection policies first – such as critical illness or life insurance.
But if personal recommendations work for you, the cost is £350.
VERDICT: The service is restricted to Nutmeg’s offerings and will not include all products available on the market. To find a whole-of-market adviser visit the website unbiased.co.uk. But for many it could be a cost-effective way to get expert help.
