Number of consumers seeking pension advice rises in July as retirement hits the headlines
· Unbiased.co.uk’s latest Advice Drivers report reveals 38% of consumers searching for independent financial advice sought guidance on personal retirement planning in July on unbiased.co.uk’s ‘find an IFA’ service
· Over a quarter (26%) of consumer searches were for investment and savings advice
· First-time buying advice remains top search on unbiased.co.uk’s ‘find a mortgage adviser’ service at 37%
As retirement hits the headlines in July with the Government making announcements on annuitisation and the default retirement age – latest figures from unbiased.co.uk, the professional advice website, reveal 38% of consumers sought retirement planning advice when using unbiased.co.uk’s ‘find an IFA’ service. Retirement planning pension advice continues to remain the number one advice driver when searching for an Independent Financial Adviser (IFA), with a 2% rise in searches month on month.
The number of consumers searching for an IFA specialising in investment and savings also rose slightly to 26%, and this topic remained the second most popular advice driver in July. Demand for independent financial advice on these specialist areas continues to be high as consumers consider their investments and long-term financial planning for the future.
Unbiased.co.uk’s ‘find a mortgage adviser’ statistics also reveals first-time buying remained the highest search topic in July, rising slightly to 37% of consumer enquiries for a local, whole of market mortgage adviser. In addition, the number of consumers looking for remortgage advice, the second most popular advice driver, rose to 34% - an increase of 2%.
Karen Barrett, Chief Executive of unbiased.co.uk, comments: “With the Government making announcements on the default retirement age and annuitisation last month, many consumers nearing retirement age or thinking about retiring may be confused about their options and the best solution for themselves and their family. Retirement planning is a vastly complex area and only an independent financial adviser can look at all the factors relevant to an individual and their circumstances, and recommend the best solution for them from the whole of the market.
“With reports of the economy experiencing a ‘double dip’ refusing to die down, the outlook for the mortgage market still uncertain. It is therefore a crucial time for first-time buyers and current homeowners to consider their mortgage options. Only a whole of market mortgage adviser can give advice on products from across the market, which suit the individual’s needs and financial position.
“Visit unbiased.co.uk to find a qualified independent financial adviser or whole of market mortgage adviser using our ‘find and IFA’ and ‘find a mortgage adviser’ services.”
‘Find an IFA’ and ‘Find a Mortgage Adviser’ top ten Advice Drivers in July 2010 were as follows:
|
Top ten Advice Drivers: July 2010 |
% of total |
Top Ten Mortgage Advice Drivers: July 2010 |
Requests for a whole of market mortgage adviser % of total |
|
|
1 |
Personal Retirement Planning |
38% |
First time |
37% |
|
2 |
Investment & Savings |
26% |
Re-mortgage |
34% |
|
3 |
Mortgages |
11% |
Residential |
24% |
|
4 |
ISAs/OEICs/Unit Trusts |
8% |
Buy-to-let |
15% |
|
5 |
Personal Stakeholder Pensions |
7% |
Equity release |
6% |
|
6 |
Taxation Planning |
5% |
Self employed |
8% |
|
7 |
Personal Protection |
4% |
High loans to value |
5% |
|
8 |
Investment Trusts |
3% |
Sub Prime |
4% |
|
9 |
Savings for children |
3% |
Flexible |
3% |
|
10 |
Equity release |
3% |
Commercial |
2% |
ENDS
Karen Barrett, Chief Executive, unbiased.co.uk: 020 7833 3131
Anna Schirmer/Anna Moulds/Charli Scouller, Lansons Communications: 020 7294 3682
For expert commentary or case studies from over 150 media-friendly IFAs, journalists should visit www.unbiased.co.uk/bluebook.
About unbiased.co.uk, the professional advice website
The unbiased.co.uk portal is a free and confidential UK-wide search matching consumers with local professional advisers: ‘find an IFA’, ‘find a mortgage adviser’, and ‘find a solicitor’, and is currently inviting registrations for its ‘find an accountant’ service. These searches enable consumers to find professional advisers by postcode, area of specialism, qualification and payment method. In 2009, unbiased.co.uk fulfilled half a million searches for local, professional advice.
IFA Promotion, the organisation behind unbiased.co.uk, is now in its 21st year, and was set up to promote the benefits of independent financial advice to consumers. IFAP is sponsored by the following companies:
|
AEGON |
J.P. Morgan Asset Management |
|
Alliance Trust |
Legal & General |
|
Aviva |
Lockton |
|
AXA Life |
Lutine Assurance Services |
|
Bright Grey |
MetLife |
|
Canada Life Ltd |
Opinium Research |
|
Cardif Pinnacle |
Prudential |
|
The Children’s Mutual |
Royal London 360° |
|
Clerical Medical Investment |
Scottish Life |
|
Ecclesiastical Investment Management Ltd |
Scottish Widows Plc |
|
Friends Provident |
Standard Life Assurance Company |
|
ICM Research |
Sun Life Financial of Canada |
|
Invesco Perpetual |
Zurich Intermediary Group |
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