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Internet 'cutting out need' for financial advisers

25 January 2010

People who are looking into attractive ways to save or invest money can now access the information they require on the internet, cutting out the need for financial advisors, according to one industry body.

Independent research from the Fair Investment Company has revealed that 34 per cent of its customers no longer seek advice before making investments.

George Ladds, head of investments and pension research at the firm, said with the abundance of information available online, many savers are "starting to take matters into their own hands".

Mr Ladds explained that in much the same way as consumers save money when shopping online, some of the best deals for saving and investment can be found on the internet.

He also claimed the historically low interest rate of 0.5 per cent had seen a number of people looking for an alternative to savings accounts.

"With the interest rate right down at just half a per cent, savings rates are simply not producing the returns people are looking for - even when they opt for tax free options the returns are often still very poor … so people are considering other options," he added.

Worries over the low returns on savings could also see a number of people looking to free up funds from their existing assets.

Policies such as equity release can allow property owners to boost their income with cash drawn from the value of their home.