UK consumers renew vote of confidence in independent financial advice sector

• Banks, friends and independent financial advisers are the most popular sources with Britons looking for financial information
• Almost one in five Brits have sought advice from an independent financial adviser in the last five years
• SIPPs, annuity purchases and inheritance tax planning are the areas consumers are least confident of tackling without professional advice
• Only 24% of consumers are confident of taking out a SIPP without professional help
• Unbiased.co.uk’s ‘how to choose an adviser’ checklist helps consumers get the most from meeting with an adviser

New research from unbiased.co.uk’s GetAdvised campaign shows that independent financial advice has been a staple in the UK’s search for financial help and guidance. And according to unbiased.co.uk, the find an adviser search, banks, friends and independent financial advisers top the list of most popular sources for Britons looking for financial information in the last five years. 

Almost one in five Brits (19%) have sought advice from an independent financial adviser in the last five years, rising to almost a quarter (24%) of the nation’s over 60s. Looking at the UK’s overall usage for advice, 29% of Brits state they’ve sought advice from a financial adviser in their lifetime.

Despite the rise of DIY finance offerings, when looking at consumers’ confidence in tackling their finances without professional help, the need for advice clearly stands out. While over half of the nation states they would be confident in arranging a residential mortgage without the help of an adviser, this number drastically reduces when looking at areas such as SIPPs, annuity purchases and inheritance tax planning, with 24%, 27% and 27% retrospectively.

Table 1: How confident would you be to tackle these areas without professional advice, simply by doing your own research?

Karen Barrett, Chief Executive of unbiased.co.uk, comments: “It’s encouraging to see that for the past five years, UK consumers have continued to reach out to advisers for help and guidance. Our research has highlighted there are times when professional financial advice is essential in making the life decisions that can have a considerable financial impact. When it comes to SIPPs, annuity purchases and inheritance tax planning, consumers clearly feel least confident in making DIY decisions. These are areas where speaking to a financial adviser can make sure you make the right choices for your specific life goals.

“A simple chat with an adviser using our checklist can be the first step in helping you identify the ‘right’ financial adviser to help tackle your finances. They can help you make the right choices on some of the most important decisions of your life, saving you essential time and money in the long run. To find a whole of market financial adviser visit www.unbiased.co.uk”

ENDS

Notes to editors:

*Research carried out by Opinium Research between 8 – 11 October 2013 among 2,000 nationally representative UK adults aged 18+

For more information contact:

Anna Schirmer/ Lisa Grando, Lansons Communications: 020 7294 3682

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About unbiased.co.uk, the professional advice website

The unbiased.co.uk website launched in 1998 and rapidly became the UK’s leading online destination for consumers and businesses looking to find an adviser.  Now attracting over one million visitors a year, unbiased.co.uk is the default adviser directory for consumer websites recommending their audience to ‘find an adviser’.

1. business.unbiased.co.uk. 

Unbiased Ltd promotes the benefits of financial and legal advice to consumers and businesses and would like to thank the following companies for their support:

Unbiased Ltd - Registered Office: 12-14 Berry St, London, EC1V 0AU.  Registered in England: No. 06775878.