Around three-quarters of retirees bought financial products via a bank adviser, with only 20% using an IFA, according to AXA's Retirement Scope report.
The provider says the research highlights the big divide between preference and reality as consumers said they would rather take advice from an IFA than a bank adviser. In the retirement market, a higher proportion of 35% of respondents would prefer to use an IFA.
Looking at products outside the retirement space, 83% of respondents say they have bought at least one product from a bank adviser, whilst only 30% did so through an IFA.
However, 40% of respondents say they would rather use an IFA, compared to 35% who would opt for a bank adviser.
Only 11% say they would approach an accountant for help choosing financial products.
The survey also found 75% of people prefer to purchase finance products face-to-face.
"There has been plenty of discussion about the ramifications of the RDR and how it will impact business for IFA," says Mike Morrison, head of pensions development at AXA Wealth.
"There are significant commercial opportunities for entrepreneurial IFAs who can demonstrate their value to the consumer through a business model that pushes boundaries in terms of choice, communication, and client services.
"Importantly the research suggests scope for greater customer segmentation, tailoring services to support the affluent young, at retirement and in-retirement segments."
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