Consumers flocking to IFAs
Research from Unbiased.co.uk reveals that the number of consumers demanding independent financial advice on investment and offshore holdings rose dramatically during the third quarter of 2007.
Over 33,000 consumers requested independent financial advice on savings and investments from July to September, an increase of 17% on the previous quarter and by over 5,600 requests on the same period in 2006.
Requests for advice on offshore investment rocketed to nearly 4,000 in the third quarter of 2007, up by 25% on Q3 2006 according to the report. As the credit crunch started to hit financial stocks, requests for advice on investments and savings rose by over 20% on Q3 last year.
David Elms, chief executive of Unbiased.co.uk, said: “Our figures go to show that when consumers are worried about issues in the global financial markets, their IFA is the first place they go to for help.
“Volatility in current financial markets and the changing legislative landscape here and across Europe has resulted in some uncertainty among holders of investment products. It is reassuring that people are continuing to value gold-standard whole of market advice on their portfolio from an IFA in order to best protect themselves against what may lie ahead.”