Nov 1 2006
Independent financial advisers (IFAs) have an increasingly important role for consumers with regards to long-term financial planning, according to a recent research initiative.
The study, by insurance group Aegon in conjunction with a number of IFAs, stated that the savings gap is in part due to consumers suffering from a lack of financial awareness.
In a survey of IFAs, the company found that 92 per cent agreed that advisers had a responsibility to consumers to advise them in the development of a financial life plan, which could include examining investment trusts or other methods of saving.
Otto Thoresen, chief executive of Aegon UK, said: "Our research paints a picture of an IFA profession that is very clear about the importance of its role in helping people develop a financial plan for life and that it sees itself as increasingly relevant as the long-term savings market develops."
Earlier this year, savings provider Birmingham Midshires stated that the 2006 budget was a positive move in the direction of fostering a savings culture in the UK.
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