UK Money News
28th November 2007
Brits 'ask friends for financial advice'
Nearly two thirds of Brits will trust a mortgage adviser or financial adviser if they come recommended by a friend or relative, new research has shown.
According to a survey by Birmingham Midshires, a personal recommendation was the most important factor in choosing a financial professional to help with understanding money.
Knowing that the personal finance adviser was regulated by the government was also found to be important, with 44 per cent of respondents citing this.
Birmingham Midshires' Tim Hague welcomed the findings but said that what might be right for a friend or relative might not be right for you when it comes to seeking help with money.
"There are hundreds of mortgage products on the market and not all of them are right for every individual - which is why using an adviser is vital," he said.
"While it is good to get a steer from friends or family as to where to go for financial advice, their financial needs may have been very different."
In related money news, consumer watchdog Which? recently urged UK residents to seek out truly independent advice when making a big financial decision.
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