Financial planning tops list of most requested help from independent advisors, report shows

News - Tax

Written by Ray Clancy

Thursday, 15 July 2010 09:30

Financial planning for retirement is the number one piece of advice requested by people looking for independent financial advisers in June , research shows.

Some 36% of consumers need help with retirement planning with tax and pensions being two of the big issues of the moment, the latest report from Unbiased.co.uk, shows.

Overall a quarter of consumer searches were for investment and savings advice and first time buying advice was the top request under mortgages with 36% looking for this kind of help. Re-mortgage advice was the second most popular request in this sector.

Demand for independent financial advice in these specialist areas continues to be high as consumers consider their investments and long term financial planning for the future, the company said.

‘In light of the changes made by the coalition Government in the recent emergency Budget, many consumers will be examining their current finances in order to understand how they will be affected by these adjustments,’ said Karen Barrett, chief executive of unbiased.co.uk.

‘Changes to pensions and tax levels will have important consequences for those impacted, and it is vital for everyone to understand if and how this will affect them. Retirement planning in particular is a vastly complex area and only an independent financial adviser can look at all factors relevant to an individual and their circumstances, and recommend the best solution for them,’ she explained.

‘With ongoing reports of the economy experiencing a double dip and the outlook for the mortgage market still uncertain, it is a crucial time for first time buyers and homeowners to consider their mortgage arrangements. The mortgage maze can always be confusing whatever the circumstances so it's important for first time buyers and also those looking to remortgage to seek professional advice. Only a whole of market mortgage adviser can give advice on products from across the market, which suit the individual's needs and financial position,’ she added.

Mortgage advice was the third most popular request at 11% while 8% wanted help with ISAs, OEICs and Unit Trusts and 7% needed advice on personal stakeholder pensions and taxation planning. Some 4% wanted help with personal protection plans, 3% on investment trusts and savings for children and 2% on equity release.

In the mortgage sector some 24% wanted help with residential loans and 15% on buy to let loans. Some 7% wanted advice on loans for the self employed and 5% on equity release.