Consumers value financial advice as bear market looms

As the UK stockmarket falls to bear market levels, over a quarter of a million consumers put their faith in independent financial advice in the first half of 2008, according to figures from Unbiased.co.uk, the find an Independent Financial Adviser search.

Over 30% of searches for details of local IFAs going through the ‘Find an IFA' service are requesting advice on retirement planning, as consumers worry about the impact of the economic downturn on their pensions, whilst more consumers (now at a high of 4% of all searches) are now asking for advice on whether to release equity from their homes.

Unbiased.co.uk's Advice Drivers report demonstrates once again consumers' commitment to independent financial advice, with Unbiased.co.uk receiving over half a million requests for details of local IFAs in the last 12 months. Concerns over the housing market continue to prompt consumers to seek advice on mortgages, with approximately 50,000 people requesting details of a local IFA to advise them on mortgages in the first half of 2008.

The Advice Drivers report highlights equity release as the largest growth area for advice, with nearly 4,000 requests for advice on the subject in the last three months - an increase of 18% on the final quarter of 2007.

David Elms, Chief Executive of Unbiased.co.uk, commented: "Our latest report demonstrates that when consumers are most worried about their finances, they put their faith in IFAs to guide them. Consumer needs are constantly changing and whole-of-market IFAs are the best-positioned of all advice types to serve these needs. It is also reassuring that with increased interest in equity release products, consumers are seeking the gold standard of advice in order to decide on whether such products are appropriate to them."