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There are 13 comments at the moment, we would love to hear your opinion too.

  1. Well done RDR!

  2. So you win a few million-nice!
    Who is the first person knocking at your door?
    The banks with their financial advisers.
    So is a bank IFA any better than an other IFA?
    Confused of Coventry!

  3. Neil Shillito 9th May 2012 at 10:51 am

    Still a long way to go with 58% on DIY. Let’s hope in a few years time the bars are reversed.

  4. Gillian Cardy 9th May 2012 at 10:57 am

    Interesting how a survey that says 33% trust IFAs and 6% trust tied advisers gets the press release quote that customers (?) recognise the value and importance of seeking financial advice from qualified advisers.
    Everyone is a qualified financial adviser – that’s not going to be the differentiator.
    Thanks to Skandia for bringing to light evidence to confound those who say that being Independent doesn’t matter – and amongst the target client group too.
    Will this affect whether going Restricted is recommended as a business strategy by this and other product providers??!!

  5. John Joe McGinley 9th May 2012 at 11:01 am

    Should the headline not be “the rise of the DIY investor”. 58% said they would trust themselves to meet their own financial goals.

    This is the big challenge for us all. How do we communicate the value we add to our clients?

  6. I wonder how many of those surveyed thought that SJP was independent?

  7. When these millionaires discover they will have to pay a fee and get no commission rebates the DIY ratio will increase. And next? Most of the current so-called fee-based IFAs will undoubtedly disappear…

  8. It is not surprising that most of these millionaires trust themselves more than anyone else. After all, most of them became millionaires from their own efforts, and business acumen. So, a lot of them made fortunes on property, or had a business that is profitable, and they will invest in areas they feel comfortable with. A few invest their cash with capital preservation in mind, and a return to keep place with inflation is all they seek, coupled with a better tax planning. Where we can do business with these hard working and astute people is with IHT plannong, as the system has done millionaires no favours since 2009, and DIY is not an attractive option. Investing £1,000,000 and making it £2,000,000 in 7-8 years is not as attractive to a lot of these people as it once was, unless they can get the buzz of it themselves. As IFAs, we should promote our services, however they are paid for.

  9. OK I get it, let’s just all deal with Millionaires, sod the rest of the population.

    Oooops! Not enough to go round, you will all have to close down!

  10. As I read the rules, you can call yourself restricted, explain the nature of the restriction and give Independant Advice.
    You CANNOT call yourself Independant and be restricted.
    Being restricted does NOT make you a tied adviser as the FSAs own examples of an Ethical or SRI specialist showed.

  11. How many would not have become millionaires had they entrusted an “adviser”?

  12. I would have thought one of the main points of interest was that individuals are trusting themselves far less than they did. They trust less in Banks Accountants and the Financial Press. Any increase in the trust of IFA’s is therefore a good sign and shows we must be doing something right.

  13. The grey bar shows the 2011 results and the green bar represents responses for 2012.

    What is interesting is as market volatility has stuck around less people are willing to DIY!

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