Between July to September the 33,000 people flocking to IFAs was an increase of 17 per cent on the previous quarter and saw over 5,600 requests than in the same period in 2006.
Most were concerned with savings and investments, however requests for advice on offshore investment also rocketed. The number shot up to nearly 4,000 in the third quarter of 2007, a 25 per cent increase on Q3 2006.
Unbiased.co.uk’s Advice Drivers report demonstrates once again consumers’ faith in independent financial advice, as Unbiased.co.uk received over half a million requests for details of a local IFA in the last 12 months.
Most of these requests were for advice on retirement planning and mortgages, but consumers are requesting more and more advice on two other product areas as a result of recent developments in the financial world: -
As the credit crunch started to hit financial stocks, requests for advice on investments and savings rose by over 20 per cent on Q3 last year.
Aside from the increased demand for advice on offshore investments and savings and investments generally, Unbiased.co.uk also reports increased interest in Personal Protection and Long Term Care.
David Elms, chief executive of Unbiased.co.uk, commented: “Our figures go to show that when consumers are worried about issues in the global financial markets, their IFA is the first place they go to for help.
"Volatility in current financial markets and the changing legislative landscape here and across Europe has resulted in some uncertainty amongst holders of investment products. It is reassuring that people are continuing to value gold-standard whole of market advice on their portfolio from an IFA in order to best protect themselves against what may lie ahead."
