Consumer demand for the details of independent financial advisers has risen by 13% this summer compared with the previous year, says IFA Promotion.
A study by IFAP of consumer enquiries for IFA details – through its online and telephone-based search services – reveals the number of requests for IFAs who are able to give financial advice rose to 138,157 between July and September – higher than the 122,616 requests for information between July and September 2005.
More specifically, Q3 2006 figures from IFAP’s Advice Drivers study indicate the dominant search for an IFA relates to those able to conduct retirement planning advice - over 40,000 enquiries, or 29% of the total – while 24% of enquiries relate to mortgages and 21% are requests for details of IFAs who can conduct investment and savings.
This is roughly similar to consumer demands for IFA details in the same period last year, when 26% of consumers sought IFAs offering retirement planning, 23% were interested in investment and savings, and 23% sought details of IFA firms which are qualified to give advice on mortgages, but it appears a fraction more people enquired about stakeholder pensions – up from 6% in Q3 2005 to 8% this year - while fewer sought the details of IFAs who can deal with personal protection enquiries (down from 9% to 7% the same period this year).
The top ten Advice Drivers last quarter were as follows:
|TOP 10 advice drivers: Sep–Jul 06||Requests for IFAs||% of total|
|1||Personal Retirement Planning||40,008||29%|
|3||Investment & Savings||29,456||21%|
|5||Personal stakeholder pensions||10,606||8%|
|9||Saving for children||3,755||3%|
IFAP notes more than one product area can be selected by the enquirer but the rise in online and telephone enquiries suggest there is increased demand for independent financial advice.
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 Julie Henderson on 020 7968 4571 or email [email protected].IFAonline
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