Why millionaires trust IFAs

Some new research from Skandia has found that Independent Financial Advisers (IFAs) are the most trusted third-party source of advice for millionaires.

One-third of those millionaires asked in the poll said that their IFA was the most trusted source when it came to meeting their financial goals.

This is an improvement compared to last year and continues to place IFAs ahead of banks as the most trusted source of advice.

It is interesting to note that the number of millionaires who trust their own judgment on financial matters has fallen since last year.

Around 58% of millionaires believe that they are the most trusted source when it comes to financial matters, compared to 71% the previous year.

There is no doubt in our minds that the IFA sector is becoming a more trusted source of advice for high net worth investors as changes are introduced as a result of the Retail Distribution Review.

Higher professional standards coupled with more transparent charging will undoubtedly attract wealthier investors to seek advice from IFAs.

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