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Public prefer IFA advice to internet and the press

Consumers would prefer to seek advice from an IFA rather than search for products on the internet or in the press although banks remain the most favoured route, says a survey by Sun Bank.

When looking at where to put their savings, independent financial advice was the second most popular way of finding a suitable product. Sixteen per cent said they would seek information from an IFA, 10 per cent said they would look at best-buy tables and 8 per cent would use the internet.

However, banks and building societies were the most popular, with an overwhelming 62 per cent saying they would seek information when looking for a savings account from their current account provider.

IFAs were twice as popular as searching on the internet and 50 per cent more popular than looking at best-buy tables.

Sun Bank says although the high street is still the first choice for most consumers, the research shows people are becoming more willing to shop around for financial services.

The bank believes that opportunities for IFAs will increase as more people realise that the high-street banks may not always offer best value savings.

NOP Solutions undertook the research on behalf of Sun Bank and interviewed 989 adults in August over the phone.

Sun Bank marketing manager Richard Farr says: “While consumers have access to more information about financial products than ever before, the number and complexity of products has also increased. This can lead to confusion, with consumers finding it harder to search out the best deals. This is where the IFA comes into its own.”


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