I hope you're all doing well. Today, I'd like to share an article that I believe is crucial for our community to read and discuss. It's about a topic that affects us all: trust in the financial services industry.
Why This Matters:
Trust Gap: Nearly 59% of people aged 50-79 don't trust financial services. This isn't just a number; it's a wake-up call for an industry that should be serving us better.
Advice vs Product: Financial advisers should not be financially incentivised by the products they recommend. We need a clear separation between advice and product.
Beyond Investments: It's not just the investment market that needs non-intermediating financial planners. The mortgage and insurance sectors need them too.
Inclusivity: The study also found that 61% of women are more mistrustful of financial services compared to 57% of men. We need a financial system that serves everyone equally.
I'd love to hear your thoughts on this. How can we, as Lamplighters, contribute to making the financial services industry more transparent and trustworthy?
Feel free to read, comment, and share. Let's shed some light on this important issue together!