A new study finds the independent financial advice market is now 'robust', thanks to growing numbers of IFAs (independent financial advisors) better trained in specialist areas.
The report from unbiased.co.uk, which promotes independent financial advice, finds there has been a ten per cent rise in the number of IFA firms overall, which the report's authors claim is "a clear indication that the sector is more robust than ever" – although critics might counter that it means a more confusing proliferation of potential sources of information for the disoriented consumer.
Over half of IFA firms now have IFAs with incremental qualifications, which means they are better trained and equipped to advise customers, the report finds.
IFAs are required to hold minimum qualifications but 52 per cent of member firms now also have IFAs with incremental qualifications or designations, choosing to take extra exams to boost their capacity.
Ability to advise in specialist areas is also on the up - the number of IFAs advising on ethical investment has increased by 56 per cent in the last year.
The last 12 months have seen a 100 per cent rise in consumer demand for ethical investment advice, according to unbiased.co.uk.For more information about ethical banking, click here.
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