Aviva research shows increase in positive sentiment about the value of advice since Consumer Duty

Recent research^[2] conducted by Aviva has revealed much higher client perception of the value offered by financial advice, two years after the introduction of Consumer Duty with its stated aim of providing fair value.

The research amongst advised clients compared responses to an identical survey carried out in 2021, two years before Consumer Duty came into effect, and looked at attitudes towards the value and overall benefits they felt they gained from having a regularly advised relationship with an IFA.

Overall, 87%^[1] say that financial advice offers value for money, with 92% saying they value the advice they get from their adviser. This translates into ‘word of mouth’ referrals, with 76%^[1] saying they have recommended to their family and friends that they should take financial advice. There has been a marked increase in scores since 2021, where 74% agreed advice offers value for money, 84% agreed they value the advice they get from their adviser, and 68% saying they have recommended taking financial advice to friends and family. Additionally, 85%^[1] of clients say they are aware of how much they pay their financial adviser, up over 15% on the 74% of clients in 2021 who agreed with this.

And in a strong endorsement of the value of financial advice, over three-quarters (77%^[1])say they are better off than they would have been without advice, compared with 71% in 2021 who agreed with this.

Advised clients also report that financial advice has benefits beyond wealth, with 80%^[1] agreeing that having a financial adviser improved their overall well-being, up 14% on 2021. 88%^[1] say that advice gives them peace of mind, compared with 81% of clients in 2021.

Lorna Whalley, Director of Aviva’s Adviser Platform, commented: “It’s great to see how much people  value the support that financial advice provides. Advisers are clearly doing a terrific job in implementing the principles of Consumer Duty, as this survey shows much higher scores than four years ago. Our research also shows that feeling in control of your finances adds to people’s peace of mind and overall well-being, which is testament to the role of advisers as ‘life planners’, not just financial planners. It’s encouraging to think that this insight can help overcome one of the key barriers to taking financial advice, which is when people don’t understand the benefits they may get.”

The research also looked at attitudes towards advice amongst those who don’t have a regular relationship with an adviser, to understand how to increase engagement amongst this group. Amongst the unadvised population surveyed, only 24%^[1] actually agree that they know how much financial advice costs, which, although low, is an increase on 2021 where 19% agreed with this. In order to increase engagement and perception of value for money, it is clear that more can be done around awareness of costs.  

The number of people saying that they don’t know what financial advice is available to them has increased, however, from 29% in 2021 to 36%^[1] four years later. However, there is a marked increase in the number of people saying they would be interested in talking to an adviser to find out whether financial advice is right for them, with a third (34%^[1]) of non-advised agreeing with this, compared with 26% in 2021.

Lorna Whalley said: “The key to increasing understanding of the benefits of financial advice lies in improving awareness of what is on offer and the outcomes that people can expect to get from it. It’s encouraging that more people now are open to having a conversation to find out whether advice is right for them, compared with four years ago. It goes without saying that it’s hard for people to know whether advice will offer value for money if they don’t know what the benefits are, or how much it costs. There is clearly still a challenge in closing this communication gap, which surveys like this will help us tackle.”

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References:

^1. _{Combines ‘Strongly agree’ and ‘Somewhat agree’ [↑]}

^2. _{Research carried out 02.07.2025 – 07.07.2025 by Censuswide, with 2001 nationally representative consumers. [↑]}

_{‘Advised clients’ = those agreeing ‘I have an ongoing relationship with scheduled reviews’ in response to ‘Which of the following best describes your relationship with your adviser?’}

_{The research was conducted by Censuswide, among a sample of 2,028 general consumers/2001 Nationally Representative Consumers. The data was collected between 04/01/21 - 06/01/21/ 02.07.2025-07.07.2025 . Censuswide abides by and employs members of the Market Research Society and follows the MRS code of conduct and ESOMAR principles. Censuswide is also a member of the British Polling Council.}

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