But what is different now is the availability of that information, with the internet at the forefront of this change.
Of course, this applies across all trades and professions. Doctors are now faced with an increasing number of patients with wads of information they have downloaded from the internet. The web is a hypochondriac’s dream.
Advisers and financial firms are also seeing a change in the level of information clients have, much of it sourced online.
But as the saying goes, a little knowledge is a dangerous thing and this information overload eventually leads to a greater need for advice rather than less.
The key issue then becomes accessibility to adviser firms via the internet and the power of the search engines.
At the very least the internet can be a source of potential leads and brokers who ignore this reality will be left behind. A proactive approach to online marketing can pay dividends.
In the retirement market it’s easy to fall into the trap of thinking that older individuals do not access information this way.
The reality is different, with pensioners often having the time to study information in more detail. You can also be sure that family members helping them will check out details of deals online.
It amazes me how many financial firms still do not use the internet to market their products and services.