Consumers are most in need of quality independent financial advice when setting up or re-investing their pension, planning their retirement, and organising their savings and investments.
These were the main areas where consumers sought independent financial advice in 2009, according to latest data from IFA Promotions*.
How are consumers using independent financial advice?
- Pensions and Retirement Planning
In December 2009, advice on pensions and ‘Personal Retirement Planning’ accounted for 37% of all enquiries received, compared with 27% at the beginning of 2009.
- Investments and Savings
Enquiries on savings and investments accounted for 28% of all requests in December.
- Mortgages
Mortgage advice accounted for 8% of enquiries during the test period, perhaps less than expected due to the relatively subdued mortgages market last year.
- ISAs
Advice on Individual Savings Accounts (ISAs) brought in 8% of enquiries for independent advice, as consumers looked to take advantage of tax-free savings and use up the individual ISA allowances of £7,200 for the year (£10,200 for those over 50)
Other advice drivers included tax planning (6%), insurance and personal protection (4%), investment trusts (3%), equity release (3%), and saving for children (3%).
While the latest data notes minor shifts in investor priorities, the advantages of consulting an independent financial adviser never change, according to Karen Barrett, Chief Executive of IFA Promotions.
“An IFA can give you specialist advice on specific product areas and can recommend solutions from a cross the whole of the market, rather than just a selection of providers,” she said.
*Report based on analysis of 350,000 consumer requests for independent financial advice through IFA Promotions/Unbiased.co.uk in 2009
