Financial advisers letting down UK investors

Despite the stock market volatility of the last year leaving the majority of UK investors desperate for more advice and support from their financial adviser, for almost two thirds that advice has not been forthcoming, leaving them none the wiser as to the impact of the market turbulence on their investment performance.

According to new research from Skipton Financial Services, almost 60% of investors admit they have needed more support from their financial adviser over the last year. However, over 60% have not had their investments reviewed in over a year, with 20% conceding that more than three years has elapsed since their last review. The last year has seen the UK tentatively move out of recession, the FTSE 100 fall below 4,000 before bouncing back and many of the big banks posting huge financial losses, with the outcome and impact of the General Election adding to the uncertainty for investors.

The investors most in the dark live in the capital - 71% of respondents from London have felt the need for more help from their financial adviser in the last year, yet less than a quarter have had an investment review during this time.  The age group most in need of the advice are those aged between 35 and 44 - those most likely to be thinking about the children's futures. Almost 70% aged 35-44 have needed more support ,yet only just over a quarter have had a review in the last year.

Mark Fleet, managing director at Skipton Financial Services, commented, "It is worrying to see that, at the time when investors most need support from their financial adviser, for the majority this advice has been severely lacking.  The last year or so has been a nervous time for anyone who has invested for their family's futures and it is vital that financial advisers communicate with their clients in bad times, as well as good.  Through our Monitored Informed Investing proposition, Skipton Financial Services supplements its face-to-face financial advice with ongoing monitoring of all investments, the offer of a free fund switch for underperforming investments and quarterly performance mailings to ensure our clients have peace of mind and are always up-to-date with how their investments are doing."