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Consumers Flock to IFAs for Advice Over Market Turbulence

        Over 33,000 consumers requested independent financial advice on savings and investments from July to September, an increase of 17% on the previous quarter and by over 5,600 requests on the same period in 2006

        Requests for advice on offshore investment rocket to nearly 4,000 in the third quarter of 2007, up by 25% on Q3 2006 according to Unbiased.co.uk’s Advice Drivers report

New figures by Unbiased.co.uk, the find an Independent Financial Adviser search, reveal that the number of consumers demanding independent financial advice on investment and offshore holdings rose dramatically during the third quarter of 2007. 

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.

The top ten Advice Drivers in the third quarter of 2007 were as follows:

 

The report is compiled on a quarterly basis from comprehensive data collected as a result of individual consumer selections made when requesting details of a local IFA through Unbiased.co.uk.

^{*IFA Promotion figures using consumer searches on www.unbiased.co.uk NB: more than one product area can be selected}

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 www.unbiased.co.uk or by calling 0800 085 3250.  They can search for IFAs with incremental qualifications, specific payment options, or state a preference to see a male or female IFA.

 

For further information please contact:

 

David Elms	Anna Schirmer / Jonathon Grove
Chief Executive	Lansons Communications
Unbiased.co.uk	020 7294 3682
020 7833 3131

 

For expert comment or case studies from over 200 media-friendly IFAs, journalists should call unbiased.co.uk’s Media Services hotline on

020 7294 3682 or search online at www.unbiased.co.uk/media

 

1.      Independent Financial Adviser Promotion

Unbiased.co.uk is the consumer brand of IFA Promotion, the organisation established in 1989 to promote the value and accessibility of independent financial advice to the public. It represents around 9,000 firms of independent financial advisers across the UK, incorporating over 17,000 registered individuals. These individuals hold over 22,000 incremental qualifications which are each individually verified by the awarding body. IFA Promotion welcomes the prominent display of incremental qualifications and further developments into the credentials of independent financial advice.  

 

IFA Promotion is sponsored by 28 leading financial institutions, and in the past 12 months, over 575,000 consumers and businesses used unbiased.co.uk to find local independent financial advice.

 

IFA Promotion believes Independent financial advice should be:

• Affordable. The option to take independent financial advice should be available, by right, to all- not just the wealthiest in society.
• Convenient. IFAs should be available in the location of the consumer’s choice, wherever they live in the UK.
• Transparent. It must be clearly transparent to consumers who is able to offer independent financial advice and who is not.

   

  2.      Independent Financial Adviser Promotion’s sponsors

  Aberdeen Asset Management	Lincoln Financial Group
  Abbey	Lutine
  AEGON Scottish Equitable Plc	National Savings & Investments
  Alliance Trust	New Star Investment Funds
  AXA Life	Norwich Union Life
  Bright Grey	Prudential
  BUPA Health Services	Scottish Life
  Canada Life Ltd	Scottish Life International
  The Children’s Mutual	Scottish Widows Plc
  Clerical Medical Investment	Skandia UK Group
  Defaqto	Standard Life Assurance Company
  Friends Provident	Tomorrow
  Invesco Perpetual	Unum
  Legal & General	Zurich Intermediary Group

   

  Registered Office: IFA Promotion Ltd, 90 St. Vincent Street, Glasgow G2 5UB. Registered in Scotland: No. 114606