Enquiries to IFAs increase under credit crunch

The number of consumers seeking advice from an independent financial adviser (IFA) has recently increased as people are being hit with financial difficulties due to the current credit crunch, says IFA Promotions.

Requests to the organisation for contact details of local IFAs are currently reaching about 10,000 a week and around 600,000 enquiries a year as people look for advice on how to increase returns on their money, according to chief executive David Elms.

The areas where people are seeking the help of IFAs include mortgages, property, pensions and investments, cash as an asset class and protection needs, although the popularity of these investments depends on which sector is performing well at the time.

IFAs are authorised and regulated by the FSA and offer advice on products from the whole of the marketplace in contrast to ‘tied’ advisers who can only recommend products from certain financial institutions.

Commenting on the type of people who usually seek this type of advice, Mr Elms said: “They are typically ABC1, so they’re middle-to-top rather than middle-to-bottom [income]. But the age range is 25-65, very easily split between males and females.”

Tags: credit, local ifas, promotions, pensions and investments, popularity, week, IFA Promotions.Requests