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06 Nov 2013

One In Four UK Investors Have No Access To Professional Advice

Nowadays, many British workers take care of their own retirement saving plans, and seeking proper financial advice can be a very important. However, according to a new survey by the Yorkshire Building Society, one in four savers and investors have difficulties in finding professional help.

In the survey, the average amount of money that investors and savers contributed was £240 a month. Around half of those polled considered their savings too small to have financial advisers interested. At present, just 12% of investors are being advised on their portfolios, but this figure drops to 10% in the 35 to 50 age group.

Meanwhile, the poll clearly identified a need for professional assistance. Almost half of respondents felt unsure of investing in equity-based products due to lack of understanding on the matter. An additional 35% of investors were put off by current low interest rates.

A significant proportion of financial advisers attribute the problems with finding professional help to the wave of professionals withdrawing from the high street as a result of the Retail Distribution Review (RDR). Moreover, 53% of financial advisers are pessimistic about the future, and think they may have to stop working with some of their clients because advising them is no longer viable.

According to Simon Broadley, retail investments manager at Yorkshire Building Society, the findings from the poll indicate an existing problem. Savers and investors are looking for professional advice, but their needs are not met.

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