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IFAs called on for pension advice
2 May 2008 12:00
The number of people obtaining guidance from independent financial advisers (ifas) on pensions has soared over the past two years, an industry body has revealed.
David Elms from IFA Promotions, which seeks to highlight the value of independent financial advice to consumers, noted that pensions have become now become ifas' most significant area of business, ahead of savings and then mortgages.
He explained that this trend has been prevalent since pension rules were changed in April 2006 to allow Britons to invest in personal and workplace schemes simultaneously, after which demand for pension advice grew and subsequently remained ahead of prior levels.
Mr Elms also suggested that interest in independent advice has grown following the credit crunch, adding that while most consumers seeking guidance are middle-to-high earners, they are very evenly balanced between age groups and between men and women.
One area of ifas' business that has grown markedly in the past two years is self-invested pensions plans (SIPPs), with a recent poll by Liverpool Victoria finding that one in four advisers have seen an increase in the amount of work they do on SIPPs in this time.
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