The Financial Service Authority (FSA) should strive to ensure that quality financial advice is taken up by consumers, so that a comprehensive financial plan is an option for all.
This call has been made this week by the Association of British Insurers (ABI), who added that while consumers do prefer to take advice when buying financial products, there are still barriers in place preventing the majority from doing so.
The ABI advocates online financial advice as an alternative to face to face encounters with financial advisers, which it believes would result in a greater uptake for independent financial advice by those wishing to organise their financial planning.
What financial advice do consumers need?
New data* this week from unbiased.co.uk breaks down the financial planning advice business being done by UK advisers, to show where consumers are most likely to take independent financial advice.
The average UK adviser derives the bulk of his business (32%) from personal retirement planning advice, investment & savings advice (25%) and mortgages advice (16%).
There is also strong demand for financial planning advice on ISAs and unit trusts (9%), personal and stakeholder pensions (7%), and taxation planning (7%).
Smaller but still significant demand for independent financial planning advice covers insurance & protection (5%), investment trusts (3%), equity release (3%) and saving for children (3%).
*Source: ‘Top 10 Advice Needs’ Unbiased.co.uk June 2010
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