Investors seeking investment or savings solutions are shunning advisers and taking matters into their own hands, research suggests.
A study conducted by online financial service provider Fair Investment Company suggests nearly two-thirds (64%) of its customers chose not to seek advice before investing.
Increased use of the internet, which provides ease of access and a wider choice, was another factor identified by respondents.
"This research simply backs up the general feeling amongst private investors," says George Ladds, head of investment and pension research at Fair.
"Many feel let down by advisers who have not provided an adequate service and are starting to take matters into their own hands."
He also points to the threat to advisers posed by technology.
"With so many investment and savings products available online it is now so much easier for people to do their own research and then make an informed decision about their own assets," he says.
The research goes on to highlight a shift in investor sentiment, with people now looking to diversify their exposure away from cash and into riskier assets.
"With the interest rate right down at just half a per cent, savings rates are simply not producing the returns people are looking for - even when they opt for tax free options the returns are often still very poor," adds Ladds.
Although just over half (51%) of the company's clients still have greatest exposure in cash, this seems likely to change, with 37% saying they are most likely to invest in structured products. Only 22% say they will look at cash investments.
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