Consumers put faith in IFAs

Figures from Unbiased.co.uk have revealed that the number of consumers seeking independent financial advice on mortgages and investments rose dramatically in the first quarter of 2008.

Increased demand in these two product areas resulted in 30,000 more people using Unbiased's 'find an adviser' service in the first three months of 2008, than in the final quarter of 2007 – an increase of nearly a third.

The report demonstrates consumers’ commitment to independent financial advice, according to Unbiased, with the site having received over half a million requests for details of local independent financial advisers (IFAs) in the last 12 months.

The research also highlighted consumer demand for advice on investment and also specific investment products such as ISAs and unit trusts. These product areas showed greater uplift in the last few months than in the same period in 2007, reflecting consumers’ faith in IFAs to guide them through the choppy markets we are currently experiencing.

David Elms, chief executive of Unbiased.co.uk, said: “Our latest report demonstrates that when economic conditions are unpredictable, consumers seek independent financial advisers as their guides through hazardous markets. Consumer needs are constantly changing and whole-of-market IFAs are the best-positioned of all advice types to serve these needs.”

The figures reveal an increasing level of demand for advice on personal protection and also a fall in requests for advice on equity release and expatriate services relative to the last quarter of 2007.

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