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Loss of confidence in institutions will benefit IFAs, says Bankhall

Consumers lack of trust in institutions will drive them towards IFAs, says Bankhall managing director of IFA services David Golder.

Golder says the events of the credit crunch have shown how banks and other high street names can disappear, leaving consumers to question how safe their money is.

He says: “Loss of confidence in institutions is driving people to value IFAs.

“Consumers understand that markets go up and down, but not the kind of changes we have seen.

He adds: “People will become more discriminating about what they do with their finances and IFAs will be the main beneficiaries of that.

“Consumers will be less likely to walk into a high street bank because it has always been there and assume that there is no cause for concern.”

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