People in the UK assume they would need to invest a minimum of £67,625 before seeking financial advice, research by fintech company Nucoro revealed.
But 28% of retail investors are convinced the sum would need to be around £100,000 ($128,211, €116,219).
A similar proportion agree that trusting an IFA to manage their cash will deliver the greatest return on their investments.
Not everyone thinks so, however, with 27% choosing to go solo, 14% trusting their bank or workplace adviser and 8% turning to robo-advice.
A small percentage (6%) were dubious about turning to a professional because they found it hard to access financial advice, after they had been turned down in the past for not having enough to invest.
Payment scepticism
Brits also seem to have very low expectations on how much fees they would have to pay for advisory services.
The fintech firm found that the majority of retail investors (68%) would expect to pay less that £500 in fees for a £50,000 investment.
Among the remaining respondents, 14% claimed to be willing to pay between £500 and £999, while 12% factored in fees of £1,000 or more.
High thresholds
Nikolai Hack, chief operating officer at Nucoro, said: “Our research shows strong demand for financial advice when it comes to people managing their investments.
“However, the growing regulatory and compliance costs means that some financial advisers are having to insist on larger minimum levels of investments from investors before agreeing to take them on as clients.”
