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Retirement planning remains most sought after advice as the Government reviews the UK pension system

· Unbiased.co.uk’s latest Advice Drivers report reveals 54% of consumers searching for independent financial advice sought guidance on personal retirement planning in October using unbiased.co.uk’s ‘find an IFA’ service

· Advice sought on ISAs, OEICs and unit trusts rose to an all time high of 14%

· Consumers seeking re-mortgage advice increased by 4% almost matching the top search on unbiased.co.uk’s ‘find a mortgage adviser’ service, first-time buying, which dropped slightly to 36%

As the Government’s turns their attention to the UK pension system - including pressing ahead with the National Employment Savings Trust (NEST) and proposing a universal state pension rate of £140 a week, latest figures from unbiased.co.uk, the professional advice website, reveal 54%* of consumers sought retirement planning advice when using unbiased.co.uk’s ‘find an IFA’ service in October. 

Retirement planning remains the number one advice driver in October when searching for an Independent Financial Adviser (IFA), and has increased by 6% since last month alone. 

Similarly, the announcement regarding the introduction of a ‘Junior ISA’ to replace Child Trust Funds looks like it has spurred people into action to review their current saving and investment habits, as advice sought on ISAs, OEICs and unit trusts jumped to 14% in October.  This marks an all time high for 2010, rising by 5% since January 2010. Consumers searching specifically for advice on savings for children remained at 4% in October 2010.  

The number of consumers searching for an IFA specialising in investment and savings rose again to 28%, and remains the second most popular advice driver.  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 reveal the number of consumers looking for remortgage advice, the second most popular advice driver, rose to 34% in October - an increase of 4% since September.  First-time buying remained the highest search topic in October, but dropped slightly to 36% of consumer enquiries for a local, whole of market mortgage adviser.

Karen Barrett, Chief Executive of unbiased.co.uk, comments: “With so many pension announcements being made by the Government in October, now more than ever, people are thinking about their pension options and what is available to them, particularly those nearing retirement age.  However, pensions can be complex and there is a lot to think about when setting one up therefore it comes as no surprise that retirement planning advice is the most sought after area of independent financial advice.  Only an independent financial adviser can look at the whole range of options and recommend the best choice for their clients.

“Equally, with uncertainty over the base rate and when it may rise, it is crucial that first-time buyers or those looking to remortgage also seek advice to be sure they are picking the best mortgage product for them.  Only a whole of market mortgage adviser can access products from the whole of the market rather than just a small selection.  Consumers looking to find a whole of market mortgage adviser or an IFA can carry out a free and confidential search on unbiased.co.uk.”

‘Find an IFA’ and ‘find a mortgage adviser’ top ten Advice Drivers in October 2010 were as follows:

ENDS

* 54% of consumers selected either personal retirement planning (42%) or personal stakeholder pension (12%).  Added together these total 54%.

Karen Barrett, Chief Executive, unbiased.co.uk: 020 7833 3131

Anna Schirmer/Anna Moulds/Ellie Brooke, 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:

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