Financial advisers letting UK investors down in their time of need Go compare with our comparison table

Financial advisers letting UK investors down in their time of need

07 May 2010 / by Lois Avery

Investors are being let down by their financial advisors, according to research from Skipton international.

Following the stock market volatility of the last year and the UK crawling out of recession investors have been more desperate for advice and support from their financial adviser than ever. But figures show that advice has not sufficient for almost two thirds of investors with many saying they feel in the dark about the impact of the market turbulence on their money.

The survey asked 2,000 adults whether they had needed more support from their financial advisor. Almost 60 per cent admitted that they have needed more advice, however, over 60 per cent said they had not had their investments reviewed in over a year.

The investors most in the dark live in the London with 71 per cent saying they needed more help from their financial adviser in the last year.  The age group most in need of the advice are those aged between 35 and 44 - those most likely to be thinking about the children's futures.

 Mark Fleet, managing director at Skipton Financial Services, said: “It is worrying to see that, at the time when investors most need support from their financial adviser, for the majority this advice has been severely lacking. 

“The last year or so has been a nervous time for anyone who has invested for their family's futures and it is vital that financial advisers communicate with their clients in bad times, as well as good. “

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