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Financial Advisers Challenged To Be More Flexible

Sarah Bean - Friday 02.09.17, 22:22pm

Research by RSM Tenon has found that only just over half of UK entrepreneurs would consult an accountant or professional adviser when they are in need of financial guidance.

The RSM Tenon Business Barometer, a quarterly survey of senior management in SMEs, found that of those surveyed 13% would turn to their peers for advice, 5% to a bank or building society, whilst 4% in Scotland would talk to their family and friends.  Astonishingly, only 5% of UK entrepreneurs said they would use the internet and seek financial advice online (10% in Scotland).  Nearly 10% were unclear where they would go for financial advice.

John White, head of financial management at RSM Tenon, commented: “The financial downturn has undoubtedly placed increased pressures on companies over the last three years, and the need for business owners to seek good, sound financial advice has never been greater. Worryingly, these results clearly show advice is being sought from non-professional sources, which may mean that businesses are not getting the credible advice they need.

“I think that the wider issue here is that people don’t necessarily want to seek financial advice through the traditional methods such as having a meeting with an adviser. The financial services industry needs to address this, and look to be more flexible in the way that it offers advice. There is a good opportunity here for the industry to start to look to a variety of different ways of communicating advice, and making this process easier may encourage more business owners to seek professional advice from the outset.”

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