Credit crunch ‘leads to IFA enquiry increase’

More people are seeking financial advice as a result of the credit crunch, it has been claimed.

David Elms, chief executive of IFA Promotions, explained that some people are now seeking assistance finding a local independent financial adviser (IFA) on a weekly basis.

“We’re currently running at around 10,000 requests for details of local IFAs each week,” he said.

“Our experience is, when it becomes harder for people to make their money give them the returns that they’re seeking, they value advice more,” he added.

People are looking for advice on a range of products, Mr Elms said, including mortgages, pensions, investments, property or protection needs.

He added that although the majority of customers are in the ABC1 socio-economic group, there is a “very broad” range of people looking for advice.

Authorised and regulated by the Financial Services Authority, all IFAs must offer “suitable advice”, which means they must fully understand all circumstances and requirements before recommending a particular product.

© Adfero Ltd

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