Concerned consumers are scrutinising their investment portfolios to eke out the most from their savings in the credit squeeze, fuelling the need for adviser advice, according to AXA.
The firm's research found three quarters of IFAs are undertaking client reviews as a result of the credit crunch.
Nearly 90% of consumers have felt some impact from the credit crunch leading to 40% of wealthier consumers reviewing their investments.
AXA believes it is a 'timely opportunity' for advisers to help clients make decisions on how to spread risk, make changes to investment portfolios and assess the financial strength and security of the companies they recommend.
Nearly two thirds of advisers see buying opportunities for clients, while two fifths of IFAs are reassessing providers.
The survey also demonstrated the recent 'flight to safety' was evident with over 60% of IFAs being asked for cash management advice.
Over 74% of advisers say clients are most worried about the safety of cash, followed by 70% of clients concerned about the value of investments. Just over 50% of advisers believe clients are also worried about pension value and the strength of providers.
While almost 50% of consumers say they will take less investment risk now than before the credit crunch, conversely, the same percentage say they believe now is a good time to buy investments for the long-term.
"Now is the time for IFAs to market advice as a commodity in itself by spending time with clients, undertaking in-depth reviews and scrutinising the financial strengths and product capabilities of providers," says Mike Kellard, CEO, AXA Winterthur Wealth Management.
"With 40% of wealthy consumers reviewing their investment portfolios, there is an opportunity for IFAs to really be involved in educating their clients and helping them understand where to move money in order to achieve their financial goals," he said.IFAonline
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