Consumers wary of using Sipps without taking independent advice

New research from unbiased.co.uk's GetAdvised campaign reveals that consumers are wary of starting a Sipp without taking independent financial advice first. While many consumers are willing to try a DIY approach to their finances, the complexity of Sipps dissuades them from starting a self invested pension withou seeking professional advice. According to unbiased.co.uk, the find an adviser search service, banks, friends and independent financial advisers top the list of most popular sources for Britons looking for financial information in the last five years and independent advice remains a valued service.Almost one in five Britons (19%) have sought advice from an independent financial adviser in the last five years, rising to almost a quarter (24%) of the nation's over 60s. Looking at the UK's overall usage for advice, 29% of British consumers say they've sought advice from a financial adviser in their lifetime.Unbiased.co.uk's GetAdvised campaign aims to engage consumers with their finances, highlighting the importance of professional, whole of market advice.Despite the rise of DIY finance, when looking at consumers' confidence in tackling their finances without professional help, the need for advice clearly stands out.{desktop}{/desktop}{mobile}{/mobile}While over half of the nation states they would be confident in arranging a residential mortgage without the help of an adviser, this number drastically reduces when looking at areas such as Sipps, annuity purchases and inheritance tax planning, with 24%, 27% and 27% retrospectively.Karen Barrett, chief executive of unbiased.co.uk, said: "It's encouraging to see that for the past five years, UK csumers have continued to reach out to advisers for help and guidance."Our research has highlighted there are times when professional financial advice is essential in making the life decisions that can have a considerable financial impact. When it comes to Sipps, annuity purchases and inheritance tax planning, consumers clearly feel least confident in making DIY decisions. These are areas where speaking to a financial adviser can make sure you make the right choices for your specific life goals."A simple chat with an adviser using our checklist can be the first step in helping you identify the 'right' financial adviser to help tackle your finances. They can help you make the right choices on some of the most important decisions of your life, saving you essential time and money in the long run. To find a whole of market financial adviser visit www.unbiased.co.uk."Research carried out by Opinium Research between 8 - 11 October 2013 among2,000 nationally representative UK adults aged 18+. Unbiased.co.uk is acomprehensive free professional adviser search website. It has a database of 25,000 IFAs, financial advisers, mortgage advisers, solicitors and accountants.Unbiased.co.uk has l new, standalone industry-facing website for the adviser community at business.unbiased.co.uk.Source: Unbiased.co.uk

Consumers wary of using Sipps without taking independent advice

Related items

News from Twitter