Demand for independent financial advice remains high

Consumer demand for independent financial advice remained high during the first half of 2007, according to figures by Unbiased.co.uk, the find an Independent Financial Adviser search.

Unbiased.co.uk’s Advice Drivers report shows that the site received a record total of over 280,000 requests for details of local IFAs between January and July 2007, broadly driven by consumer demand for advice on personal retirement planning, investment, savings and mortgages.

While the demand for advice on specific product areas remained relatively stable over the last six months, demand for advice on savings and investment products increased to 25% in June 2007 (compared to 23% in January 2007) as an overall percentage of requests.

David Elms, Chief Executive of Unbiased.co.uk, commented: “Our figures are proof that IFAs have an important role to play in the consumer financial advice arena. We have seen a lot of suggestions from the FSA with regards to changes to the IFA market as part of the recent Retail Distribution Review. These figures clearly highlight that consumers value the advice they receive and that any changes made to the current IFA market should be considered with the consumer’s best interest in mind. From an industry perspective it’s most reassuring to know that even more consumers are ensuring they get the best possible advice by going to see an IFA.”