A study conducted by AT Kearney of 2,073 adults in the UK has found that there has been a 50% drop in the number of people opting for IFAs since 2008 and a rise from 60% to 80% in the number of high earners using direct channels to manage investments.
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Neil Dennington, principal at AT Kearney remarked, "It is clear that since the recession, people are more careful about their money."
Dennington attributes the increased availability of free information on the internet and a spate of mis-selling scandals to have led investors to choose direct channels rather than IFAs for their financial planning or advice.
"Astute IFAs have wisely recognized the client’s desire for more direct access to their portfolios as well as execution-only platforms and are developing these online portals to cater for this," Dennington added.
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