Almost half of consumers (48.3%) have not made an investment of £100 or more in the last decade, according to the latest research commissioned by digital banking solutions provider CREALOGIX.
The independent study of 1,200 UK consumers found that only a fifth were aware that wealth management services could be accessed for as little as a £1 investment.
Those with £100,000 to invest would turn to their family (35%) or partner (32%) and existing retail bank (29%) before they sought out a dedicated wealth manager (19%).
Jo Howes, commercial director at CREALOGIX UK (pictured above), said: “Many consumers still hold a negative perception of the wealth management industry as behind the times.
“In the past, professional investment services were often exclusionary and associated with expensive, opaque fees.
“In fact, wealth management services are now more accessible and flexible than ever, and new digital offerings are democratising access to a wide choice of high-quality investment options, including for people with smaller amounts to invest.
“Instead of viewing wealth management purely as a face-to-face service for the wealthy, most ordinary consumers can take advantage of new digital services, which are well designed to address modern user requirements of transparency and 24/7 access.”
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