A year intop depolarisation, 90 per cent of consumers say seeing an “independent” financial adviser is important to them, despite not really understanding what that means.
IFA Promotion says 84 per cent of UK adults admit they do not understand the different types of financial advice available to them.
The group says 72 per cent of people think they saw an IFA, but IFAP says this is “a dream scenario, but far from reality.”
The sample of 2166 UK adults was taken in a YouGov poll for IFAP in January this year.
Of the sample, 95 per cent say it is important the adviser can recommend the most suitable products from the whole of the market, and 88 per cent say it is important that an adviser has no commercial ties to a product provider.
Chief executive David Elms says: “This would indeed be a dream scenario, but it is unfortunately far from reality. Our research confirms that nearly twice as many people end up taking advice from a bank or building society as see an IFA, although most clearly prefer the concept of independent financial advice. We’ve put well over half a million people in touch with an IFA this year, but would clearly welcome broader support to educate consumers about their options.”