More than half of investors are shunning independent financial advisors and going it alone, making their own decisions about ISAs and other investment, Barclays has found.
The research reveals that 58 per cent of investors like to make their own decisions when it comes to investment, and 56 per cent have taken out a self-select ISA
or are considering taking one out.
One in 10 investors said that they would like to be more involved in dictating where their money goes; the majority of the 1,500 adults that Barclays Stockbrokers asked said that their primary motivation for taking out a self-select ISA was being able to take control of their investments.
Three quarters said that they are attracted to self-select because they like to make their own decisions, and 58 per cent said that it gives them control over when to buy and sell depending on what's going on in the financial markets. Almost half said self-select appeals to them because it enables them to trade ISA
Of the ISA investors who have sought advice in the past, a third said that they found it helpful but that they could have come to the same investment conclusion if left to their own devices. Two thirds said that they did not seek advice because they relied on their own research.
Tom Ryan, director at Barclays Stockbrokers said: "Self-select ISAs have empowered investors, giving them the freedom to make their own decisions and to take control of their investments. For many, the ability to buy and sell when they want to is extremely attractive. Others are being drawn into DIY ISA investing as a result of the availability of tools and support available to help them confidently manage their own ISAs."
For those who have not yet taken advantage of their tax-free savings allowance and wish to do so, there is still time before the end of the tax-year on April 5th. The rules have changed for the 2008/2009 tax-year; investors can download a free guide to ISA changes
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