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Investors rank their own research above information from advisers

Careful-Research-Business-Finance-Paperwork-700.jpgFinancial advisers were ranked as the second most important source of information for those making investment decisions for retirement in a global Schroders survey.

More than 22,000 people from 30 countries took part in the research

Overall, investors cited their own research from third-party sources as the most important information source.

Globally, financial advisers were given a score of seven on a scale of one to 10 in terms of their importance as a source of information.

Pension providers came in third with a score of 6.7, followed by regulators and government agencies with 6.6, friends, family and colleagues with 6.3, and employers with 6.1.

In the UK, financial advisers were given a 6.8 rating, meaning they came in second below consumers’ own research.

In only three of the 30 countries surveyed – South Africa, Denmark and Italy – were financial advisers ranked as the most important source of information.

Investors in the US and South Korea consider financial advisers and their own research as being of equal importance.

The difference in importance rating between financial advisers and consumers’ own research is smallest among millennials, or those aged 18 to 36.

Those aged between 51 and 70 accord the least importance to financial advisers, ranking them 0.7 points below their own research.

Older generations are significantly less likely to consider their friends, family or colleagues, or their employer as important sources of information, while millennials are more likely to explore all sources of information.

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