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Relying on family advice can be costly

Research from stockbroker Brewin Dolphin shows 53 per cent of people who invested in a unit trust over the past five years consulted an IFA and 77 per cent were satisfied or very satisfied with its performance.

Out of the 31 per cent of investors who turned to friends, family and colleagues, or the 37 per cent who relied on their own research, only 67 per cent were satisfied or very satisfied with performance.

The investment provider also found that people in the South-east are the most dissatisfied with their unit trust performance, with 17 per cent.

The happiest unit trust investors (81 per centre) are in Wales and the South-west.

Brewin Dolphin group fund director Harry Burnham says: “With thousands of unit trusts being invested in over the coming months, investors should bear in mind that relying on tips from family and friends or doing the research yourself can cost them dear.”

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