IFAs rated for impartial advice and access to wider range of products, says Defaqto
The Which? investigation found tied advisers misled researchers about the range of product choice they offer. 48 per cent of tied advisers working mainly for banks and building societies suggested to customers they could offer more product choice than they do.
Defaqto’s own research showed the main reasons for people visiting IFAs were to obtain impartial advice and to have access to a wider range of financial products and it also revealed that 6.2 million people plan to visit an IFA over the next 12 months.
Neil Morgan, sales and marketing director at Defaqto, said: “Our belief is that advisers should be able to recommend the best products for their clients from the widest choice available. IFAs have the means to select from the entire market. We tend to find that banks and building societies do not use professional research tools to the same degree to demonstrate the quality of their products against the rest of the market.”
