Of the nearly 1,000 people polled, 22 per cent said they use IFAs for their unbiased and neutral views – nearly double the number of people who said their main motivation was to save money on a financial transaction (12 per cent).

The access IFAs give people to a wider range of products was cited by nine per cent of those polled as a reason to visit, while seven per cent noted that the better quality of research an IFA provides was the main incentive.

“It is a real vote of confidence in IFAs that they are valued for their ability to provide impartial advice ahead of other factors such as saving money,” said Neil Morgan, sales and marketing director at Defaqto.

“It proves that consumers are getting the message that independent advice is valuable on its own.

“However it is still the case that millions of consumers still do not believe independent advice is appropriate for them. This is a market that IFAs should be trying to reach,” Mr Morgan added.

To read more about loans, click here.

© Adfero Ltd