Financial advisers still number one for retirement advice

Defaqto's retirement report, published today, reflects the findings of a UK-wide survey of 1,000 consumers, which asked people about a broad range of aspects relating to their retirement planning.

Financial advisers have maintained their position as consumers' most trusted source of retirement-related advice.  However, according to the survey, advisers have built on their position in the last year - in 2009, 30% of people regarded advisers as the source they would trust for help with retirement planning.

Matthew Ward, Defaqto's Wealth Management Consultant, said: "Our research has found that people continue to see the financial advice sector as most important when it comes to planning their retirement needs - and, in fact, almost two-thirds of people go to financial advisers when they need advice in this area.  However, with a significant number of people not yet accessing advice for retirement planning, there is a real opportunity for advisers when it comes to helping people prepare for later life.

"It is important for advisers to understand consumers' needs and research the market to ensure they recommend suitable retirement options to consumers.  Similarly, it is important for providers to understand what both advisers and consumers need and to design their services appropriately."