Consumer demand for advice up since June

Consumer demand for advice on pensions and investments is up as people reassess their finances in the hope of an economic recovery, research by Unbiased.co.uk suggests.

Over a third (37%) of searches through the site's ‘find an IFA' service was for advice on personal retirement planning, up from 33% in June.

Advice on investments and savings ranked as the second most popular with over a quarter (27%) of searches, rising from 23% in June.

Over 27,000 consumers sought guidance from an independent financial adviser in October, according to Unbiased.co.uk's Advice Drivers report.

The site received over 275,000 requests for details of local IFAs so far this year, pointing to a high level of consumers trust in independent financial advice, it says.

Mortgages (10%), ISAs, OEICs, and unit trust (9%) and stakeholder pensions (7%) were the next most popular searches, with taxation planning (6%), personal protection (4%), investment trusts (3%), equity release (3%) and saving for children (3%) also in the top ten.

Karen Barrett, chief executive of Unbiased.co.uk, says: "Our latest report demonstrates as consumers worry about how the credit crunch will have affected their savings, investments and pensions and how best to proceed, they are putting their faith in IFAs to help them plan their finances.

"In changing market conditions, consumers need expert advice more than ever, and IFAs are the best positioned to serve these needs.

"Only an independent financial adviser can take a holistic view of your finances and recommend solutions from across the whole of market, rather than just a selection of providers, giving you a choice of how you pay for this valuable advice."