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IFAP survey shows advice is not just for the wealthy

IFA Promotion has dispelled the myth that independent financial advice is

only for the well-off.

Research reveals that 41 per cent of users of the IFAP hotline service are

in the C1, C2, D and E social brackets.

Those in the C1 group – white-collar workers – were found to be more loyal

than other users, with 84 per cent saying they would visit the same IFA

again compared with an average 80 per cent across all groups.

The findings were part of a survey of 15,000 callers to the IFAP hotline

over the last year. About 1,931 responses were received.

The survey also found the callers tended to be older than 55,

self-employed and retired.

The callers were also asked about their satisfaction with the hotline,

whether they had seen an IFA after contacting IFAP and outcome of the

visit.

The IFAP hotline gives callers contact numbers for three IFAs in their area.

IFAP plans to deal with more enquiries online in future. Currently, 15 per

cent of enquiries are made online but IFAP wants to increase this to 50 per

cent.

Its Find an IFA directory will start operating on the Moneyextra site next

month and link-ups with other internet portals are in the pipeline.

IFAP spokesman Ian Williams says: “The idea that IFAs are for rich people

is clearly not true.”

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