Rise of internet sees number of HNWs using IFAs halve

A survey of more than 2,000 people conducted by the management consultancy claimed the number of high net worth (HNW) individuals using an IFA has fallen by 50% since the credit crunch. AT Kearney also claimed that since 2008, the proportion of HNWs using direct channels to manage their finances has increased from 60% to 80%. Neil Dennington, a principal at AT Kearney, said: "There is an ever-increasing amount of information freely available on the internet which removes the appeal of an IFA in some cases. "With the retail distribution review (RDR) set to transform the IFA industry...