PFS recommends every working adult gets IFA

The Personal Finance Society (PFS) is recommending that every working adult should be offered a voucher for a financial health check session with a professional financial adviser.

PFS has written to Government ministers, outlining their proposal and calling for the Government to work with it to take the initiative forward. It forms part of the Society’s response to the Government’s public financial guidance review consultation, submitted last week.

PFS argues that it, and the profession, is already doing much to make advisers more readily available. Many advisers already offer a no obligation introductory session to their clients. Others volunteer their time and expertise to deliver free guidance sessions through the Society’s MoneyPlan initiative, run in collaboration with Citizens Advice.

Personal Finance Society chief executive Keith Richards said: “The need for consumers to have access to financial advice is greater than ever, and we believe that this initiative offers a practical solution to bridging the current advice gap and getting consumers who need advice in front of a qualified professional.”

“A Government voucher scheme would give many who have never thought of professional advice a first-hand experience of its value and would demonstrate a real commitment by the new guidance body to collaborate with the personal finance profession to achieve workable outcomes in the public interest.”

“Many advisers are already delivering introductory financial advice sessions to consumers at their own expense and a voucher to cover the cost of a qualified guidance session would increase access and protect the interests of more consumers against poor planning and scams.”

“Our experience, and specifically our MoneyPlan initiative, has shown that professional financial advisers are eager to offer their services to consumers in need of financial advice.”

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