Intelligent Finance - Press Release

24 April 2003

URGENT NEED FOR CONSUMER EDUCATION ON FINANCIAL ADVICE

Research carried out by ICM, on behalf of Intelligent Finance, has revealed that a whopping 38% of UK consumers do not anticipate consulting a financial adviser in the future. This situation is at its worst in Scotland with 46% of those surveyed and 43% of those in Wales and the South West claiming that they have no need of financial advisers.

Ian Jeffery, Sales and Service Director at Intelligent Finance said: "Whilst this will make grim reading for anyone in the industry, it should be viewed as an opportunity rather than a threat. The research indictes that a large percentage of the target audience sees no need for their services. This percentage of the population is,therefore, an untapped marketplace that could be persuaded on the merits of financial advice and the challenge is to reverse those opinions."

This lack of perception can perhaps be explained by the fact that 75% of those surveyed believed that Financial Advisers were only applicable to people who were rich or well off. Although 72% recognised the need for consulting an Adviser when buying a house.

There is good news though. The research indicated that 22% of those surveyed planned to consult an Adviser within the next year and 29% were planning to do so within five years.

NOTE:
ICM Research interviewed a random selection of 1003 adults aged 18+, by telephone between 28-30 March 2003. Interviews were conducted across the country and the results have been weighted to the profile of all adults.

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