View more on these topics

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.”

Recommended

Octopus Asset Management – Bioscience VCT

Thursday, November 8, 2001.Aim: Growth by investing in listed and unlisted biosciencecompanies.Minimum investment: Lump sum £3,000.Opening-closing date: October 15, 2001-April 5, 2002 for 2001/2002tax year, April 12, 2002 for 2002/2003 tax year.Charges: Initial 5 per cent, annual 1.25 per cent.Commission: Initial 2.25 per cent, renewal 0.25-0.4 per cent for firstfour years.Tel: 0800 2792501.

Scottish Legal rewards online bond applicants

Investors making online applications for Scottish Legal Life&#39s guaranteed investment bond will receive an extra 2 per cent allocation.The offer boosts the bond&#39s allocation rates to 102 per cent for investments under £5,000, rising to 104 per cent for sums between £5,000 and £9,999.This increases further to 105 per cent between £10,000 and £19,999, 106 […]

Man at the top

The man who has been given the responsibility of turning the theory of a single financial regulator into a reality has had a busy time at the top.Between preparing the industry for N2 and dealing with episodes like Equitable Life or the aftermath of the September 11 terrorist attacks, FSA chairman and chief executive Sir […]

MMA slashes cost of sites

My Money Adviser is slashing the cost of its IFA websites in a bid to secure market share.IFAs already registered with the website provider will see next year&#39s monthly rate cut by two-thirds as MMA guarantees that anyone signed up to the service by the end of this year will pay £100 a month for […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com