Consumers seek out IFAs

by Gill Montia

Story link: Consumers seek out IFAs

Unbiased.co.uk, the financial information website, has reported a sharp increase in the number of consumers seeking out independent financial advisers (IFAs).

Between July and September of this year over 33,000 potential investors and borrowers contacted Unbiased.co.uk with a view to using an IFA.

The figure represents a 17% increase on the March to June quarter of 2007, and the majority of requests received were in connection with mortgages and retirement planning.

David Elms, chief executive of Unbiased.co.uk, believes that the figures reflect a high level of confidence in IFAs.

Referring to current concerns over the state of the financial markets he comments: “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.”

Unbiased.co.uk is provided by IFA Promotions Ltd (IFAP), a non-profit organisation funded by product provider sponsors.

IFAP has been in existence for over 18 years and promotes the benefits of independent financial advice to consumers and businesses alike.

Earlier this year, the Financial Services Consumer Panel called for more generic advice to be made available to UK consumers and IFAP points out that IFAs are the only type of financial advisers who are able to select from all the products available in the marketplace.