A recent report by financial website MoneyExpert.com and financial researchers Defaqto show that most people (54%) in the U.K. would visit their existing bank or building society for financial advice.
Less than 25% of the population would consider going to see an Independent Financial Adviser (IFA), but more were likely to go online for their financial advice.
Whilst the banks and building societies are probably a good place to start looking for advice, you have to remember that the majority of these institutions can only offer their own products, whereas an IFA should give you the choice of products from the whole of the market.
Interesting figures. Is it a generational thing, people’s parents/grandparents went to their bank? You tend to take the advice first of peole close to you.
Buying online is dangerous too. One leading insurer sells its products (rebranded) through a supermarket bank. The cost is significantly dearer than getting the product though an IFA.
Also beware of terminology online, at the same online supermarket site…one of my customers took Terminal Illness cover to be the same as Critical Illness Cover. Becuae no advice is offered there scope for compensation would have been limited.
i too agree with you that the independent financial adviser or Chartered Accountant can guide you nice and explain the pros and cons of each financial product.