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More investors turning to experts to make decisions

More investors are turning to experts for help with their investment decisions while high street banks are seen as the favoured investment provider, according to the latest data from Platforum.

Consumer research published by Platforum this month shows the proportion of investors using advisers in the 12 months to November 2017 has increased from the same period last year.

In 2017, 18 per cent of investors said they leave everything to an expert and have little to with their investments. This was an increase from 7 per cent the year before.

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Just over a quarter of those surveyed (26 per cent) said they leave most decisions to an expert but like to stay in touch with what is going on with their investments. This increased from 19 per cent in 2016.

The proportion of investors who said they deal with their investments themselves, without expert help or advice dropped from 40 per cent in 2016 to 34 per cent in 2017.

Those who said they mostly deal with their investments themselves but sometimes ask for expert help dropped from 34 per cent in 2016 to 22 per cent in 2017.

The survey included 487 UK adults with investments.

Platforum also asked what investment providers had been used to place investments in the past two years.

High street banks were the most frequently used provider (31 per cent), followed by financial advisers (23 per cent) and pension providers (22 per cent).

Using do-it-yourself investment services was more popular among younger investors and male investors.

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