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Hargreaves: 84% of investors plan to go without advice
by Alex Steger on Jan 03, 2013 at 07:59
Nearly 85% of investors plan to make all, or the majority of, their own investment decisions without using a financial adviser, according to execution-only platform provider Hargreaves Lansdown.
According to research by Hargreaves only 4% of investors would look to use a financial adviser to help them make decisions.
The research was based on 1,132 responses to a Hargreaves survey of clients and non-clients.
Hargreaves said the rise in self investing was due to the increased availability of information and access to research needed to make financial decisions.
It said: ‘The internet provides investors with access to virtually all the information and research they need, plus the services to buy most products.’
Danny Cox (pictured), Hargreaves head of advice, said: ‘In the past, investors have often been presented with advice as the only option. In our experience when most people say they want advice, what they actually need is information to help them to make their own decisions.
‘Today, the vast majority of financial decisions can be made without the need to pay for financial advice and most people plan to manage all or part of their finances themselves.’
Cox said advice remained important and benefitted investors.
‘Investors should seek advice if they lack the confidence or time to do the necessary research themselves,’ he said. ‘In the more complex areas, such as transferring final salary pensions or estate planning, investors are more likely to benefit from advice.’
Hargreaves argued that the retail distribution review was likely to further boost the growth of DIY investing.
Its survey found that 62% of investors were aware of the regulatory changes, even if they did not know the details.
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