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Wealthy prefer IFAs for advice

A third of wealthy consumers would rather turn to an IFA for financial advice than a private client banker or stockbroker, according to a survey from financial analyst Mintel International.

Wealthy investors were asked which type of adviser they would turn to if they had £20,000 to invest. Almost half, 47 per cent, said they would turn to an IFA and 33 per cent said an IFA would be their first point of call before any other source of advice.

After IFAs, the internet was the next most popular source of information with 15 per cent using it as their first point of call, followed by family and friends at 10 per cent.

Stockbrokers or private bankers were only the fourth most popular choice with 9 per cent of the wealthy saying they would turn to them first.

The survey also found consumers are likely to turn to more than one source of advice before reaching an investment decision. For those with under £100,000 in liquid assets, 51 per cent viewed IFAs as their first port of call, while 41 per cent with more than £100,000 to invest also valued IFAs more than other types of adviser.

Mintel surveyed 101 high-net-worth individuals with an average of £235,000 in liquid assets to invest.

Mintel senior financial services consultant John Gilbert says: “In terms of the work we have done in the past, IFAs have always come out pretty well. These results fit gener-ally in the pattern we might have expected. In terms of spontaneous reaction, IFAs were again the first area to which people would turn.”

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