Recommendations from friends and family are first port of call for finance advice

28 November 2007
Britons are happy to take financial advice off someone recommended by a friend or family member according to the latest survey commissioned by Birmingham Midshires.

Almost two thirds of people will trust a person to advise them on financial matters if they come recommended by friends and family, research has found but while personal recommendations took the top spot in the list of things that make people trust the financial advice they are given, coming a close second with 44 % was government regulation which lends a certain peace of mind.

The Not So Average Joe campaign run by mortgage lender, Birmingham Midshires explored how Britons make decisions on who to turn to for advice when it comes to their finances. With the most popular answers being contacts passed on through friends and family, other responses included the amount of experience held by the advisor (38 per cent) followed closely by recommendations from a professional (37 per cent) and professional qualifications were preferred by 26 per cent.

Body language clearly counts for something as 25 per cent would opt for an advisor who makes good eye contact, eight percent favour a genuine smile and a firm handshake won over five percent of respondents. However, a university degree and a smart suit only impressed one percent of those questions.

Tim Hague, Managing Director of mortgages at Birmingham Midshires explains the importance of getting the right advice: "There are hundreds of mortgage products on the market and not all of them are right for every individual - which is why using an adviser is vital.

"While it is good to get a steer from friends or family as to where to go for financial advice, their financial needs may have been very different. A regulated mortgage intermediary, for example, will have a range of mortgages to choose from and can ensure they find one that meets the exact needs of their client."

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