The research, released by IFA consumer ratings website Vouchedfor which questioned 2,137 clients of financial advisers, low fees were considered the most important attribute of advice by just 0.6% with more than 60% citing communication skills as the quality they most looked for.
Some 20% said that their adviser being ‘easy to talk to’ was most important to them, while 26% cited ‘clear communciation’. Acting with integrity was top for 17% and strong technical knowledge was cited by just 8%.
In addition, VouchedFor found that nearly a quarter of IFA’s clients (24%) have a high or very high level of financial expertise.
By contrast only 12% claimed to have a low level of financial expertise, while the remaining 64% claimed to be of ‘average’ financial ability.
VouchedFor.co.uk founder Adam Price said: “It doesn’t appear, as one might think, that experts invest their own money, while novices seek out advice. Rather, people of all knowledge levels are seeking out advisers for the one thing DIY websites can’t give: face-to-face reassurance, and peace of mind.”
He added: “But should personality be valued so highly? While new regulation has raised the standard of advice, I’d still encourage advice-seekers to apply due scrutiny when selecting an adviser. At the end of the day advisers are human and the quality of advice varies.”
