The research demonstrated there is “still a lot to be done to build trust in financial advice and planning in the minds of consumers”, according to Jacqueline Lockie, deputy head of Financial Planning at the CISI.

The work was carried out by the CISI ahead of its annual Financial Planning Week, which commences on Monday.

Only about 4 in 10 said they would trust a qualified financial adviser more when seeking money advice.

Ms Lockie said: “The findings also indicate that consumers are unsure what to do when seeking advice – our ten questions to ask a Financial Planner will help greatly with this.”

The survey, commissioned by the CISI and undertaken by YouGov, asked the question: “In seeking financial advice, who would you trust more?”

Of those who responded:

41% said “a qualified financial adviser”
26% said “no-one else but trust yourself”
22% said “would trust a good friend or relative”
7% said they would trust their bank
3% other
1% said they would trust the media

Ms Lockie said there appeared to be a need for consumers to source “some sort of register of highly qualified advisers” such as the CISI’s Wayfinder.

This is run on a not-for-profit basis and lists all those UK based Certified Financial Planners

When survey respondents were asked, “before seeking financial advice from a financial or wealth manager, which of these would you do?”, the responses were:

30% were not sure what to do
28% would seek confirmation from another client
25% would seek confirmation from the Regulator
25% would seek confirmation of qualifications from the Awarding body

This question allowed participants to choose a combination of responses.