Financial services credibility affecting uptake of IFAs
27 August 2009
Those in need of advice regarding savings will not contact an Independent Financial Advisor (IFA) due to the recent decline in the financial world''s credibility.
That is the opinion of Philip Calvert, founder of social networking site IFA Life, who noted that many IFA clients are frustrated by a lack of communication with advisors during the recession.
He said: "IFAs must try and reassure clients that they are aware of their concerns, monitoring the markets and indeed still trading.
"Until the financial world once again establishes credibility and trust, people will not necessarily contact an IFA - even though they should. The majority of people will use the internet to get information on financial matters - and that will be people across all age ranges."
According to a recent survey by AXA Winterthur Wealth Management, 71 per cent of respondents believed that regular reviews with an IFA is the best way to guard against declining pension savings.
By Christian James
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