Almost two thirds (63%) of people will trust a financial adviser if they come recommended by friends and family, according to Birmingham Midshires.

Government regulation also featured highly, with 44 per cent of people stating that statutory regulation would give them peace of mind. The third most important consideration was the years of experience an adviser has (38%).

Only 1% of respondents considered a smart suit or a university degree of importance when choosing a financial adviser.

Tim Hague, managing director of mortgages at Birmingham Midshires, explains the importance of getting the right advice:  “There are hundreds of mortgage products on the market and not all of them are right for every individual – which is why using an adviser is vital. 

While it is good to get a steer from friends or family as to where to go for financial advice, their financial needs may have been very different.  A regulated mortgage intermediary, for example, will have a range of mortgages to choose from and can ensure they find one that meets the exact needs of their client.”