Financial advisers are the most significant source of influence for consumers purchasing protection and mortgage products, according to research by Teamspirit.
The survey of 2,000 people in the UK reveals nearly four in 10 (37%) choose protection products based primarily on advice from financial advisers.
The second biggest influence on choices of protection products is advertising and direct marketing literature, cited by 15% of respondents.
The figures also reveal three in 10 (29%) consumers consider advisers to be the most important source of information when selecting a mortgage, while 18% cite in-branch product literature as the most important source.
When choosing a pension, 44% of respondents say employers are the most influential source of information, while 24% regard IFAs as the most important source.
Joanne Parker, managing director of Teamspirit, says: “Even with the growth of research facilities and comparison sites online, the public are still consulting advisers on the best products for them. Especially for more complex decisions such as protection and mortgage selection, people evidently still like to talk things through, face-to-face, with an expert.”
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Emily Perryman on 020 7034 2680 or email [email protected].IFAonline
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Some 2,000 consumers affected