The research showed four times as many customers would turn to a financial adviser before friends or banks and building societies. Consumers in London trust financial advisers the most, with 48 per cent preferring to source independent advice.
Parents did not feature high on the list, with only 22 per cent of respondents turning to their parents for advice first. Consumers in the South West trust their bank and friends advice more than their parents.
Vicki O’Connell, press manager for Chelsea Building Society, said: “While the majority of this research looked at who people feel more comfortable turning to for a helping hand with finances, it does highlight the important role financial advisers have within the financial services market. Additional research carried out by Chelsea Building Society at the end of last year found that Chelsea customers felt they could trust us and feel relaxed doing business with us.”
Mark Chilton, managing director of Purely Mortgages, welcomed the research’s result. “It is a great thing for financial advisers as building societies and banks only sell their own products. Consumer choice is king; it is as simple as that.”
James Cotton, mortgage specialist for London & Country, said: “Banks and building societies are looking to sell their own products. It is just how they work and that’s why the role of the mortgage intermediary exists. An intermediary can do all the legwork involved and recommend the best product for a customer.
“But what many consumers may not realise is that a lot of financial advisers might only be covering part of the mortgage market and, for whole of the market advice, they must ask whether that’s what they are getting.”
