64% of consumers not seeking financial advice, says Fair Investment Company
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Two thirds of investors are investing their money without seeking financial advice, research by Fair Investment Company reveals.
The comparison site found that 64 per cent of 100 customers polled would not seek advice before making a decision about where to invest their money.
Thirty seven per cent said that going forward they were most likely to invest in structured products, with just 22 per cent saying they would look at cash investments.
The research shows that 51 per cent of those polled believe high returns are the most important investment element, compared to 34 per cent who state safety as more important.
Fair Investment Company head of investment and pension research George Ladds says: “This research simply backs up the general feeling amongst private investors. Many feel let down by advisers who have not provided an adequate service and are starting to take matters into their own hands.”
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Readers' comments (4)
Ian | 25 Jan 2010 1:59 pm
I am not surprised at this at all, most people trust a person who wrtites the financial section above advisers generally.
However ask some different questions and it gets very interesting, such as which fatcs are you basing your lack of trust of advisers upon?
Keep getting them down to a fact their judgement is based upon and it is very loose, usually endowments and various articles about poor advice in papers, nearly always from banks.
Even mortage advisers, I dont do mortgages or offer any bank accounts.
Financial advisers are somehow lumped in with the failure of banks in the credit crunch, Icelandic bank ie current account not offshore deposit fund failure and so on.
I get the feeling that having the one regulator by name tars us with the same brush, every FSA related article which is negative even when not associated with our part of the business reflects on us.
Maybe if they keep one regulator it should have a different name for each area it regulates?
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richard | 25 Jan 2010 2:44 pm
Judging by experience of IFA's, this comes as no surprise whatsoever. Unbiased and worthwhile advice or only interested in their commission ? The latter seems to be more prevalent
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Evan Owen | 25 Jan 2010 10:17 pm
Who or what is the "Fair Investment Company" (FIC)?
Do some digging...
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Rachel Mason, Fair Investment Company | 1 Feb 2010 9:25 am
Fair Investment Company is one of the UK’s leading online financial services providers, specialising in investments, savings and pensions.
Our website fairinvestment.co.uk is in the top 10 UK financial comparison websites (Hitwise Feb 2009).
We are not a product provider and we are not an IFA - we are a gateway between the customer and the end provider, and using the site, investors can engage with a wide range of leading investment products and services and make an informed decision about what to do with their money.
We are independent and impartial and regulated by the FSA (no 3980180).
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