Consumers value impartial financial advice

Consumers value the ability of independent financial advisers (IFAs) to provide impartial financial advice, above saving money.

Nearly a quarter of people would visit an IFA to receive impartial advice, while just over one in ten would do so to save money on a financial transaction, according to research by Defaqto.

Accessing a wider range of financial products is a reason for nine per cent of people to visit an IFA, while access to better quality research is a reason for seven per cent.

"It is a real vote of confidence in IFAs that they are valued for their ability to provide impartial advice ahead of other factors such as saving money," said Defaqto's Neil Morgan.

"It proves that consumers are getting the message that independent advice is valuable on its own."

Despite the benefits of visiting an IFA, millions of consumers do not believe that financial advice is appropriate for them.

Nearly two thirds of Brits have never visited an IFA, and half do not want or believe that they would ever need financial advice.

Nevertheless, during the last two years more than 2.1 million have paid a fee for independent financial advice, while 7.6 million have seen an IFA but not paid directly for advice.

And a significant number of Brits - 6.2 million - are planning to visit an IFA over the next 12 months. XXX