Consumers flock to IFAs for advice over market turbulence

The number of consumers demanding independent financial advice on investment and offshore holdings rose dramatically during the third quarter of 2007, according to figures from Unbiased.co.uk.

Unbiased.co.uk’s Advice Drivers report demonstrates once again consumers’ faith in independent financial advice, as Unbiased.co.uk received over half a million requests for details of a local IFA in the last 12 months. Most of these requests were for advice on retirement planning and mortgages, but consumers are requesting more and more advice on two other product areas as a result of recent developments in the financial world: -

As the credit crunch started to hit financial stocks, requests for advice on investments and savings rose by over 20% on Q3 last year.

Following the European Tax Savings Directive which makes EU financial services companies exchange information with each other about customers who earn savings income in one EU country but reside in another, consumers are turning in increasing numbers to IFAs to help review their finances. Over 4,000 consumers requested advice on offshore investments in the period under scrutiny.

Aside from the increased demand for advice on offshore investments and savings and investments generally, Unbiased.co.uk also reports increased interest in Personal Protection and Long Term Care.

David Elms, Chief Executive of Unbiased.co.uk, commented: “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 amongst 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.”
Consumers can obtain details of local IFAs who focus on specific product areas by visiting unbiased.co.uk. They can search for IFAs with incremental qualifications, specific payment options, or state a preference to see a male or female IFA.