A survey of 2,272 consumers found 13% are advised by a bank, compared to 18% who deal with an IFA. However, the majority (67%) remained unadvised.
With banks pulling out of the advice market, the figures represented “a huge opportunity” for IFAs, said VouchedFor founder Adam Price.
“These figures show people lack confidence and knowledge about their long-term financial situation,” he said. “For most individuals, professional financial advice is the best way to gain this confidence.”
“It’s clear many people will lose their financial adviser in the coming months and be forced to find a new one.
“Also, many who had previously not sought advice may be encouraged to, as they hear about the improvements the Retail Distribution Review is implementing.
“As ever, it’s important people choose the right financial adviser. Advisers vary significantly in their quality and focus.”
Despite the large number of unadvised respondents, only 22% of adults said they felt confident managing their own finances.
