Independent financial advice is a top priority in crunch year
28 May 2009
INDEPENDENT FINANCIAL ADVICE IS A TOP PRIORITY IN CRUNCH YEAR
- Unbiased.co.uk’s latest Advice Drivers report highlights 115,000 consumer requests for details of local independent financial advisers in the first quarter of 2009
- Retirement planning, investment and savings, and mortgages were the top three triggers for seeking advice
New figures from Unbiased.co.uk, the professional advice website, reveal that as the UK continues to feel the effects of the global financial crisis, almost 115,000 consumers have sought guidance from an independent financial adviser in the first three months of 2009.
Nearly a third (31%) of searches through the ‘find an IFA’ service, requested advice on personal retirement planning, as consumers continue to worry about how the credit crunch will affect their pensions. The second most popular search was for advice on investments and savings with nearly a quarter (24%) of searches being made in this area.
Unbiased.co.uk’s Advice Drivers report demonstrates once again consumers’ trust in independent financial advice, with Unbiased.co.uk receiving over half a million requests for details of local IFAs last year. This quarter’s figures suggest that consumer demand for IFAs is set to continue.
David Elms, Chief Executive of Unbiased.co.uk, commented: “Our latest report demonstrates that as consumers continue to worry about how the credit crunch will affect their savings, investments and pensions, they are putting their faith in IFAs to guide them through these difficult times. In the current climate, consumers need expert advice more than ever, and IFAs are the best positioned to serve these needs. Only an independent financial adviser can take a holistic view of your finances and recommend solutions from across the whole of market, rather than just a selection of providers, giving you a choice of how you pay for this valuable advice.”
The top ten Advice Drivers in the first quarter of 2009 were as follows:
| Top ten Advice Drivers: Jan–March 09 | Requests for IFAs | % of total | |
1 | Personal Retirement Planning | 35,568 | 31 |
2 | Investment & Savings | 27,536 | 24 |
3 | Mortgages | 14,916 | 13 |
4 | ISAs/OEICs/Unit Trusts | 9179 | 8 |
5 | Stakeholder Pensions | 8031 | 7 |
6 | Taxation Planning | 6884 | 6 |
7 | Personal Protection | 4589 | 4 |
8 | Investment Trusts | 3442 | 3 |
9 | Equity release | 3442 | 3 |
10 | Saving for children | 3442 | 3 |
| TOTAL (All drivers) | 114,734 |
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.
ENDS
For further information on Unbiased.co.uk, the professional advice website pleases contact:
| David Elms / Richard Winder | Anna Schirmer / Jennifer Comerford / Anna Moulds |
| Unbiased.co.uk | Lansons Communications |
| 020 7833 3131 | 020 7294 3682 |
To stay connected to Unbiased.co.uk and for up to date news and views you can now follow us on Twitter http://twitter.com/Unbiased_co_uk
Notes to Editors
*Launch of Unbiased.co.uk, the professional advice website's portal. From February 2009 consumers visiting Unbiased.co.uk have had the choice to find a mortgage IFA through the 'find an IFA' search and find a whole market mortgage adviser through the 'find a mortgage adviser' search. To view the 'find a mortgage adviser' advice drivers please click the following link: http://www.unbiased.co.uk/find-a-mortgage-adviser/media/research/-/page/top-10-advice-needs/.
NB. More than one product area can be selected.
Unbiased.co.uk, the professional advice website
Unbiased.co.uk is the free and confidential UK-wide search service matching consumers with the most appropriate local professional advisers for their needs. In 2008, Unbiased.co.uk fulfilled over half a million searches for local, professional advice.
The portal currently houses three professional advice searches: ‘find an IFA’, ‘find a mortgage adviser’, and ‘find a solicitor’, and is inviting accountants to sign up for its ‘find an accountant’ service. These searches enable consumers to find relevant professional advisers by postcode, area of specialism and payment method, amongst other options.
IFA Promotion, the organisation behind Unbiased.co.uk, is now in its 20th year, and was set up to promote the benefits of independent financial advice to the consumer.
Unbiased.co.uk’s product provider sponsors
| AEGON Scottish Equitable Plc | Lockton |
| Alliance Trust | Lutine Assurance Services |
| AXA Life | MetLife |
| Bright Grey | National Savings & Investments |
| BPP | New Star Investment Funds |
| Canada Life Ltd | Norwich Union Life |
| Cardif Pinnacle | Opinium Research |
| The Children’s Mutual | Prudential |
| Clerical Medical Investment | Royal London 360 |
| Friends Provident | Scottish Life |
| The Hartford | Scottish Widows Plc |
| Invesco Perpetual | Standard Life Assurance Company |
| Legal & General | Zurich Intermediary Group |
| Lincoln |
Registered Office: Unbiased.co.uk is the consumer brand of IFA Promotion Ltd, 90 St. Vincent Street, Glasgow G2 5UB. Registered in Scotland: No. 114606