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Majority of consumers see value of financial advice

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28/10/2013
More than half of consumers believe they would benefit from seeking financial advice, according to a new report.

The research from unbiased.co.uk found that 52% of Brits think they would benefit from seeking whole of market financial advice. This sentiment is especially strong among the younger generations, with only 6% of people in their 30s saying they do not think they would benefit at all from receiving advice.

Private pensions, mortgages and stocks and shares ISAs top the nation’s wish-list of areas they would like help on from a financial adviser, with the UK’s 20 and 30 somethings placing mortgages as the number one area they would consider seeking advice for.

For the ‘at retirement’ generation (60-69 year olds), annuity purchases topped the list.

Despite concerns over the impact of the Retail Distribution Review (RDR) on the demand for advice, unbiased.co.uk, which lists details of over 25,000 advisers on its online ‘find an adviser’ search, has seen a strong demand for whole of market advice since the start of 2013.

Under the RDR rules, financial advisers can no longer accept commissions or so-called ‘trail fees’ that could influence their recommendations to their clients. Advisers now charge people seeking advice an upfront fee.

The website has reported an 18% increase in visitors to its ‘find an adviser’ search, year on year.

Karen Barrett, chief executive of unbiased.co.uk, said: “Our research has brought to light the fact that consumers see a clear benefit in seeking whole of market advice, which is a really encouraging sign. Most people wouldn’t consider fixing their car or doing legal work for their house purchase without professional help, so why should finances be any different?”

Unbiased.co.uk has re-vamped its ‘find an adviser’ checklist to help consumers find the right adviser for their needs.

The checklist, which can be downloaded for free, is designed to help people ask the right questions when ‘shopping around’ for an adviser, helping them to compare the different kinds of services offered by each advisory firm.

Barrett added: “A qualified expert can help you make the right choices on some of the most important decisions of your life, can save you time and money and can give you confidence that your finances are being looked after well.

“Like all other professional services financial advice will cost you money but the ongoing benefits outweigh the cost. Each of us has different financial priorities and a chat with an adviser using our checklist can be the first step in helping you identify the ‘right’ financial adviser to tackle your finances.”

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